Demonetisation a scam, Modi must apologise: Congress

Demonetisation a scam, Modi must apologise: Congress”

As per RBI's Annual Report at page 127 under Chapter VIII - Counterfeit Notes and Security Printing VIII.9 informs that during 2016-17, 762,072 pieces of counterfeit notes were detected in the banking system, of which 95.7 per cent were detected by commercial banks. Finance Minister Arun Jaitley who till the other day was gloating over figures of how much money he expected to be disabled by demonetization, has now done a complete about turn, and is celebrating the figures of how little has been disabled.

The Opposition on Thursday stepped up its attack on the government over the RBI's annual report that revealed low efficacy of demonetisation, with the Congress terming the move to junk high currency notes as the "biggest scam" and the CPI-M demanding a "black paper" on the issue.

Congress chief spokesperson Randeep Surjewala demanded an apology from Prime Minister Narendra Modi saying demonetisation not only dented institutional sanctity of the RBI but also India's credibility overseas. "The economists deserve Nobel Prize", Chidambaram said on a Twitter post. "If after December 30, there are shortcomings in my work or there are mistakes or a bad intention found in my work, I will be prepared for the punishment that the country decides for me", Modi had said while defending the government's decision.

"Prime Minister Narendra Modi has betrayed the people of India". Hardships were inflicted upon the poor people, farmers, workers and housewives of the country. The RBI is still in the process of counting old notes received at cooperative banks and old notes submitted by citizens in institutions of Nepal.

"Black money held in the form of cash is a very small proportion of total illegal wealth", Mr Reddy said. According to reports from The Indian Express, RBI has released a report confirming that out of the 15.44 lakh crore worth of old notes that were present in the market during the demonetization period, Rs 15.28 lakh, crore worth of old notes had been returned to the bank. 100s died in queues.

Another stated aim of the demonetisation drive was to increase the tax base. "India can never forgive Modi govt for this anti-national act".

In a series of tweets, Congress leader Randeep Singh Surjewala said the Gross Domestic Product growth had slowed down but those living in ivory towers continued to be oblivious to the "demonetisation disaster".

"Demonetisation Scam, not only dented institutional sanctity of RBI, but also credibility of India overseas". He has to accept moral responsibility.

"Will PM Modi introspect and apologise to the nation?"

Opponents of the demonitisation exercise say the RBI numbers put to rest the Narendra Modi government's claims that the move helped to cleanse the system of black money.

Surjewala also said, "Rewind: Modiji's obfuscation exposed once again".

Forget Rs 3 lakh crore that Jaitley claimed would be "extinguished" due to demonetisation, the banned notes that didn't finds their way back to the banks - provisionally - account for just Rs 16000 crore.

But the demonetisation of the extent of 86 per cent of the total currency was not passed by the Central Board of the RBI, as the discontinuance of the Rs 1,000 and Rs 500 currency notes was kept highly secret by the Modi government till midnight of November 8, 2016. "So there is nothing new in black money detection and every year Income Tax Department makes similar claims", Chidambaram said.

Like this


02 September 2017
Judge to make decision in Beta Theta Pi case
A district judge in Pennsylvania plans Wednesday to take up a defense request to hold trainer Tim Bream in contempt. The 19-year-old sophomore from Lebanon, New Jersey, suffered severe head and abdominal injuries.

31 August 2017
Bangladesh get first test win over Australia
Mushfiqur felt that Bangladesh also matched Australia in terms of aggression. I couldn't believe that we can win today's match.

31 August 2017
Astros, Rangers continue series in Florida with hearts in Texas
The next home series for the Astros comes against the Texas Rangers , a divisional rival that has their own playoff aspirations. All ticket, concessions and parking revenues from this three-game series are being donated to Hurricane Harvey relief efforts.

31 August 2017
Transgender military ban: ACLU files second suit, Mattis calls for study
Summary: Defense Secretary James Mattis will allow now serving transgender troops to remain in the military. This is exactly what Trump's ordered when he signed the trans military ban last week.

31 August 2017
'It's time' for tax reform
Trump made the pitch during a speech promoting his administration's tax agenda, which is still lacking in any significant detail . Trump says in Springfield, Missouri, that his tax overhaul plan will be "pro-growth, pro-jobs, pro-worker and pro-American".

30 August 2017
England's Moeen Ali glad to make West Indies 'suffer'
However, middle-order batsman Shai Hope emerged as a real star for his side as she smashed two consecutive centuries in the Test. Appropriately, it was Hope who struck the winning runs with a legside flick for two off Chris Woakes.

28 August 2017
Meteorologists Keeping an Eye on Potential Tropical System
CLOSER TO HOME, for the rest of the afternoon, expect a mix of sun and clouds with a breezy east to northeast wind at times. Sunday: Heavy rain and gusty winds are possible from South Florida into coastal Georgia and the southern coast of SC .

27 August 2017
McGregor weighs in heavier than Mayweather ahead of big fight
Otherwise, he'll have a tough time hanging with an elusive defensive maestro like Mayweather , who should win handily. Mayweather walked down Zab Judah, whom he correctly determined was incapable of throwing punches while in retreat.

27 August 2017
Blake Bortles Has Officially Been Demoted
I'm just trying to figure out who is going to be that guy in that position that can lead our team. He also made a deep throw to rookie Keelan Cole, who dropped the pass.

26 August 2017
Samsung heir gets minimum mandatory sentence for bribery
Lee's father, Lee Kun-hee, was also convicted of tax evasion and bribery on two occasions, but never spent any time in prison. Lee had denied all the charges, and the sentence is well short of the 12 years sought by prosecutors.