ALLEGED OBJECTIVE OF DEMONETIZATION

Manish tewari Wed, 15 Feb 2017

ALLEGED OBJECTIVE OF DEMONETIZATION

 ALLEGED OBJECTIVE OF DEMONETIZATION 

 Spokesperson: Shri Manish Tewari: He said that my best wishes on the New Year, may the New Year bring peace, prosperity and happiness. 

Shri Tewari said it has now been over 50 days that the pain time of this Government or the pain time promised by this Government is ostensibly over but the pain unleashed by this conceited war colloquially called demonetization continues in all its ferocity and in all its intensity. On 8th November 2016, 53 days ago, when the Hon’ble Prime Minister addressed the country and unleashed a ‘Surgical Strike’ on 125 crore Indians, the Prime Minister had set-out three objectives for this demonetization qua currency swap 

(1) It will unearth black money 
 (2)  It will exorcise counterfeit currency; and
(3) It will circumscribe terror financing 
50 days later, after the 30th December deadline has elapsed, this country still does not know out of the Rs. 14.86 lakh crore which was demonetized, how much has come in the Banking system. First and foremost, the Prime Minister of India, his Government and the Reserve Bank of India must inform the people, out of this Rs. 14.86 lakh crore, how much money has been deposited in Banks across the country? How much of it is black, how much of it is ‘grey’, how much of it is ‘blue’, how much of it is ‘white’ because the objective was to unearth black-money. Thirdly, how much of it is fake because one of the objectives was to circumscribe counterfeit currency. And, fourthly what is the quantum of terror financing in the estimate of the Government that has come down in the last 50 days as a result of this exercise or what are the future projections with regard to terror financing which the Government has in mind. 

 And now that exercise is over or at least substantially over, it raises certain other questions  (1) who will have ownership of this Rs. 14.86 lakh crores or whatever is the amount that we do not know out of Rs. 14.86 lakh crores which has come into the Banking system -will the RBI have ownership of it because since the RBI is the Central Bank, and then what does the Government/RBI plan to do with it. Do they intend destroying these notes and if at all they do intend destroying these notes, what is the modus-vivendi that the RBI will follow because in a normal situation or circumstance, when a series in a currency is demonetized, the RBI has the infrastructure to be able to absorb the old notes, deal with them and put out new currency and in this particular instance, the RBI or the Government was completely unprepared because the arbitrary limit of Rs. 24,000 still continues. Then what is the Government going to do to ensure that all these old notes do not leak back into the Banking system and the reason why this question is germing, is because schemes like the PM Garib Kalyan Yojana, the ability to be able to swap currency at the RBI, NRIs being able to deposit currency- all those schemes still continue to be in existence - some till 31st March, some till 30th of June 2017. And if at all this old currency is going to be destroyed and we do not think it can be put to any other use, then would the Government be willing to undertake this exercise under the supervision of Hon’ble Supreme Court appointed Committee or the very least the JPC because never ever in the history of independent India, you had an exercise which has resulted in pain to each and every household. These are the fundamental issues which the PM and his Government are trying to run away from. So, you have rhetoric, hyperbole, shooting from the hip and various other kinds of filibustering techniques which the PM and the Government have deployed over the past 50 days to surmount something which was completely ill-conceived and completely at odds with the objective which the PM has spelt out on the 8th of November 2016. Monday, 2nd January, 2017.