BJP, its friends knew about demonetisation move: Oppn in Rajya Sabha

November 16, 2016

New Delhi, Nov 16: Launching a scathing attack on Prime Minister Narendra Modi, Opposition parties today alleged selective leak of information on demonetisation of 500 and 1000 rupee notes to 'friends of BJP' and demanded making public the names of those who had bought gold and foreign exchange of over Rs one crore since April.

anandInitiating a debate after listed business was suspended to take up a discussion on the November 8 decision to withdraw old higher denomination currency, Anand Sharma (Cong) used wit and humour to attack Modi for being insensitive to problems caused to the common man.

He asked the Prime Minister to state where he got Rs 23,000-24,000 crore, estimated by the International Money Watch Group, for his Lok Sabha elections.

He also asked if cheque or credit card payments were made to organise his rally in Ghazipur in Uttar Pradesh a few days ago.

Alleging that the information on demonetisation was selectively leaked, he said, "your BJP units have deposited crores (just before the November 8 decision)."

As the debate was in progress, BSP chief Mayawati demanded the presence of the Prime Minister in the House to hear out the Opposition parties and address their concerns. Supporting her, Leader of Opposition Ghulam Nabi Azad said since Lok Sabha has adjourned for the day, Modi should hear out at least the major parties.

Quoting media reports, Sharma said State Bank of India - the country's largest lender - knew of the decision way back in March and a Gujarati newspaper had in April published a report of move to withdraw 500 and 1000 rupee notes.

He demanded a probe into "how many people bought more than Rs 1 crore of foreign currency and bullion" since April. "This is a serious issue... you never kept secrecy (about the decision)," Sharma said.

The "ill-timed" and "ill-conceived" move had unleashed "economic anarchy" in the country and benefited a few, he said, adding that to fight blackmoney created by higher denomination currency, a bigger Rs 2000 note has been brought which is similar to the paper on which 'churan' is sold and "shed colour" was brought.

"Your government is insensitive," he said adding Modi was riding a bullet train in Japan when old, women and common man were queueing up at banks at 3 am in the morning to get currency to buy their daily needs.

Sharma said Modi had in his Goa speech had stated that those standing in line at banks were those involved in 2G spectrum and coal scam as well as holding blackmoney.

"I condemn the Prime Minister for calling the poor standing in queue for his Rs 4000-4,500, blackmoney holders and scamster," he said.

Referring to Modi's statement in Goa last week that certain forces were out to eliminate him, the Congress leader asked him to name the conspirators wanting to eliminate Prime Minister of India. Congress will not tolerate anyone planning to harm the Prime Minister of the country, he said.

Taking a dig at the Modi, he said someone who "changes clothes five times a day", has become Prime Minister and travels around the globe was "calling himself a sanyasi and tapasvi".

Sharma demanded that the names of persons holding accounts in Swiss bank and those revealed in the Leichtenstein and HSBC lists should be made public. The names of bank loan defaulters above Rs 5000 crore should also be made public.

While the decision had put the common man to immense hardship by way of having to stand in long queues to lay hands on valid currency to meet daily needs, the information about demonetisation was selectively leaked to the "friends of BJP," Sharma alleged.

The move had branded 86 per cent of the currency in circulation blackmoney and "everyone a criminal," he said adding when Modi announced the plan it was expected that adequate arrangements would be made for dispensing new notes.

So banks and ATMs were shut on November 9 but the expectation of normalcy from next day were dashed with queues only getting longer by the day.

The government policy was to "benefit those who are your friends and hurt those who question you," he said adding an atmosphere has been created in the country where questions cannot be asked and those doing so branded anti-nationals.

"The magnanimous Prime Minister allowed Rs 4000 of old currency to be changed... what right does the Constitution give the government to place restrictions on withdrawal of ones hard-earned money," he asked, adding one has to "beg to be allowed to withdraw his own money."

He said former RBI Governor IG Patel had written about the government's decision to demonetise currency in 1978 and it would be absurd to think that all ill-gotten money is kept in cash and not invested in real estate, billion, equities or foreign exchange.

Modi, Sharma said, had reasoned that withdrawal of the higher denomination currency to fight against blackmoney, terrorist funding and counterfeit currency.

Congress is unequivocally opposed to blackmoney and opposes any force that print counterfeit currency.

Sharma said the government in one stroke took away 86.4 per cent of the over Rs 16 lakh crore currency in circulation. "Did the government think that 86 per cent of the currency in circulation was counterfeit or blackmoney," he asked.

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News Network
February 2,2020

New Delhi, Feb 2: The Congress on Sunday released its manifesto for Delhi polls, promising to implement unemployment allowance of Rs 5,000-7,500 per month and cashback schemes for water and power consumers, if voted to power.

Presenting the manifesto, Delhi Congress chief Subhash Chopra said the party will provide free power up to 300 unit per month.

The manifesto also committed to spend 25 per cent budget each year on fighting pollution and improving transport facilities.

An unemployment allowance of Rs 5,000 for graduates and Rs 7,500 for post graduates per month will be provided under the Yuva Swabhiman Yojna, he said.

The Congress will launch flagship cashback schemes for power and water supply to benefit consumers saving these resources. The party, if voted to power, will open 100 Indira Canteens to provide subsidised meals at Rs 15, Chopra said.

The Congress will challenge the Citizenship Amendment Act (CAA) in the Supreme Court and demand the Centre to withdraw the law. The party will also not implement the National Register of Citizens (NRC) and the existing form of the National Population Register (NPR), if voted to power in Delhi.

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News Network
March 27,2020

Mumbai, Mar 27: The Reserve Bank of India (RBI) on Friday lowered the key repo rate by 75 basis points to 4.4 per cent in a bid to arrest the economic slowdown amid coronavirus (COVID-19) outbreak.
The reverse repo rate now stands at 4 per cent, down by 90 basis points, said RBI Governor Shaktikanta Das adding this has been done to make it unattractive for banks to passively deposit funds with the central bank and instead lend it to the productive sectors.
The six-member monetary policy committee (MPC) met on March 24, 25 and 27 and voted 4:2 in favour of the repo rate reduction. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy while ensuring that inflation remains within the target.
"The need of the hour is to shield the economy from the pandemic," said Das. "We need to mitigate the impact of coronavirus, revive economic growth and provide financial stability."
Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them.
The RBI Governor further said that the economic growth and inflation projection will be highly contingent depending on the duration, spread and intensity of the pandemic.
"Global economic activity has come to a near standstill as COVID-19 related lockdowns and social distancing are imposed across a widening swathe of affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed," said Das.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the global economy will slip into recession," he said.
However, the RBI has injected liquidity of Rs 2.8 lakh crore via various instruments equal to 1.4 per cent of GDP. "Along with today's measures, liquidity measures equal to 3.2 per cent of GDP. The RBI will take continuous measures to ensure liquidity in the system."
The RBI governor has said that all banking institutions can offer a three-month moratorium on all loans for a period of three months. The RBI has also allowed banks to restructure the working capital cycle for companies without worrying that these will have to be classified as a non-performing asset (NPA).
The three-month moratorium will permit banks to avoid a large onset of NPAs during the 21-day lockdown and keep their books healthy.
Das said banks and other financial institutions should do all they can to keep credit flowing to economic agents facing financial stress on account of the isolation that the virus has imposed.
"Market participants should work with regulators like the RBI and the Securities and Exchange Board of India (SEBI) to ensure the orderly functioning of markets in their role of price discovery and financial intermediation," he said.

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News Network
January 29,2020

Aurangabad, Jan 29: Accusing Prime Minister Narendra Modi and Union Home Minister Amit Shah of creating a conflict between Hindu and Muslim communities in the country, former JNU student leader Kanhaiya Kumar has said the Citizenship (Amendment) Act (CAA) was adding fuel to the fire.

He was speaking at a rally held on Tuesday at Pathri in Parbhani district of Maharashtra against the CAA and the National Register of Citizens (NRC). It was organised by NCP MLC Abdullah Durrani.

"Modi and Shah used to create conflicts between Hindus and Muslims during the Gujarat elections. Now they are adopting the same strategy in the country," Kumar alleged.

Citizens should keep the religious conflicts aside and question the present government about unemployment and the poor state of the economy, he said.

"Through the CAA, the government is adding fuel to the fire, which is already raging in the country," he alleged.

When anyone questions the government about the problems existing in the country, it in turn asks him about his citizenship, the former JNUSU leader alleged.

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