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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.



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