Published: Sat, September 02, 2017
World Media | By Shelia Harmon

Congress calls note ban the biggest scam

Congress calls note ban the biggest scam

"This data proves that demonetisation was a total failure", said Mohan Guruswamy, chairman of New Delhi-based Centre For Policy Alternatives, who'd advised a previous government led by the current ruling party. The report further said that "the cost of printing notes and coins has increased during this year".

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

According to former Finance Minister P Chidambaram, the RBI should be censured for permitting the move.

The government objective to ban high value currency to hit black money could have been successful if a significant amount of cash had not come back into the system. The central bank said on Wednesday that the value of the notes (500 and 1,000 rupees) that Prime Minister Narendra Modi had banned on 8 Nov 2016, has come back to the central bank.

"PM Modiji will go down in history alongside Mohammad bin Tughlaq for #DemonetisationScam. If morality has a place, he should consider to quit", Surjewala said on Twitter.

"RBI is lying to the nation". India's GDP growth has sharply dipped to 5.7 per cent in Q1 Of 2017-18. India's GDP is continuously falling for the last 6 quarters. At the face of it, it had helped in showing a jump in growth rate, but when the new standard shows such a rapid decline, experts are not willing to hazard a guess as to how much it will be if it is calculated on the earlier series.

None of the promises made by him while announcing the decision had come true, he said.

Modi's party has won several state elections since past year, and his approval ratings remain high. "Of the total currency returned, only Rs 41 crore was fake currency", said Sharma.

"Until June 30, 2017, SBNs [specified bank notes] were received by the Reserve Bank either directly or from bank branches / post offices through the currency chest mechanism".

The Congress leader referred to the Reserve Bank of India's annual report and said of the currency in circulation in November 2016, 99 per cent had come back into the banking system. The relief from repayment of loans during the note-ban aggravated the problem of bad loans for banks. "Was this done to prevent the banks from collapsing as a effect of these loans?"

West Bengal CM Mamata Banerjee also questioned if the RBI data points to a big scam and termed it a "flop show".

Now, the RBI's annual report numbers reveal that nearly all the demonetised currency is back.

CPI's national secretary D Raja echoed Yechury's views on the issue.

He said, "The country has suffered because of the ego of the prime minister, and the finance minister has failed to make amends but is happily busy being an apologist for the prime minister's wrong decisions". "The economists deserve Nobel Prize".

The Congress party on Friday slammed the government over demonetisation and asked Prime Minister Narendra Modi to stop spreading false propaganda, after the GDP of the country plunged to a three-year low. "Who is responsible for it", he asked.

Training his guns on PM Modi, Mr Sharma said he kept "changing his narrative and kept pace with a species called the chameleon, which keeps changing its colours". The death of Environment Minister Anil Madhav Dave and the election of Minister for Urban Development M. Venkaiah Naidu as vice-president opened vacancies, giving Modi an opportunity to bring in members from regional political parties.

Sharma accused Modi of defaming his own people before the world.

On NITI Aayog chairman Rajiv Kumar's statement that black money is now grey, Chidambaram said that entire money coming back to the system indicates that hoarders of black money have found a system to convert it.

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