Tag Archives: Demonetisation

Demonetisation, an utter failure and and torturer of common people.

08 Friday Sep 2017

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Now it has been completely exposed that the demonetisation ordered by the Modi Government is an utter failure on all the goal posts mentioned by the Prime Minister. Neither black-money could be unearthed, black-marketeers caught, nor any terrorist group captured. Neither it could digitalise the entire nation.

What demonetisation achieved is something else. It put the entire country and especially the common people to great miseries due to shortage of cash for day to day expenses, arranging functions, marriage ceremonies, studies of children, treatment of sick people and so on. It resulted in closure of so many small business and small traders. It took about 30 lives, people who died standing on the long queue for hours together to get a few thousands of cash. The GDP has gone down drastically. Of course, it benefitted the BJP in putting black money in to banks in the last moment with prior knowledge , helped the corporate house to increase their business by destroying the small groups etc. The multinational corporates like Master Card and Visa also profitted due to the increase of ATM use, since a portion of the using charges go to them.

After demonetisation, we are where we were. One comparison can be with the capital shifting of Mohammed-Bin Tuglak from Delhi and return to Delhi itself. It is told that he was foolish and realised his mistake later. But not so Modi. The Prime Minister continues to praise and defend the demonetisation, despite it being an utter failure.

Demonetisation – Himalayan Blunder or favoring black money holders?

03 Sunday Sep 2017

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“Former Reserve Bank of India (RBI) Governor Raghuram Rajan has revealed that the institution had warned the government about the ramifications of the latter’s decision to demonetise the high-value currency notes overnight. In an interview to The Times of India, Rajan said that though the central bank’s advice was solicited in the matter, it was not asked to take a stand on the note ban.
The former RBI chief said that he had warned the Centre about the immediate consequences of unplanned demonetisation, and that he had proposed substitute moves for rooting out a suspected shadow economy. “The RBI flagged what would happen if preparation was inadequate,” the newspaper cited Rajan as saying.” (Ganashakti Daily).
It is exposed now. Demonetisation was implemented with out any preparation and ignoring the opinion of the Reserve bank of India, The aims of the demonetisation as claimed by the Prime Minister – not even one of them is fulfilled. On the other hand, people had to face lot of difficulties, business came down and the economy also came down.
Demonetisation was nothing short of the blunder of shifting of the capital from Delhi to Daulatbad (Deccan) by Mohammed bin Tuglak.
Or, was it a calculated move on the part of the government to give a chance to the black marketeers, big business, corporates and BJP leaders to convert black money in to white money?

Demonetisation: No Gain; Short Term & Long Time Pain – Sitaram Yechury

01 Friday Sep 2017

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The following very relevant questions were raised by Com. Sitaram Yechury, General Secretary CPIM) regarding Demonetisation in a Press Conference in Delhi on 31st August 2017. The government is duty bound to answer the questions. However, the Prime Minister and other responsible persons are avoiding the questions and hiding behind silence.

 

Some Questions that Demand Answers

1. Who decided to demonetise? (Was it the PM?) Is that the reason why Raghuram Rajan was forced to go?

2. More than 100 people died in queues, trying to get their own, hard-earned money due to PM’s announcement. Who is responsible? Why no compensation? Is there an FIR?

3. Reportedly, more than 100% of demonetised currency is coming back after Bhutanese, Nepalese and Coop Banks Currency is taken in. This shows it’s a successful Money Laundering scheme.

4. In Bengal and elsewhere too, BJP members were known to have made bulk deposits of massive amounts just before Demonetisation was announced. So it was the biggest scam of Independent India. So much for PM’s fight against corruption.

5. There was no mention of digitisation on Nov 8, but the the Economy crashed, the government went out of the way to help certain selected private companies under the mask of ‘digitisation.’ PM himself featured in full-page ads of a private company (Paytm). Why? Clearly to give a profit bonanza to international and domestic players.

6. Was this entire exercise done to protect the corporates who are refusing to return the loans they had taken from our nationalised banks which according to one estimate is around Rs. 11,00,000 crores, including interest? Was this done to prevent the banks from collapsing as a consequence of these loans? The government instead should have taken measures to recover these loans which is people’s money.

7. Corruption has far from ended. The amount of money in 2000 rupee notes is much more than the amount of money in 1000 rupee notes. Is that what the PM wanted? To help the corrupt rich?

8. PM’s claims on Counterfeit currency are wrong. This scheme has legitimised all counterfeit currency.

9. There were claims that this was to finish Terror. Far from it, numbers of security personnel lost to terror has gone up significantly since.

10. The Informal sector has collapsed. All data shows that this sector which employs more than two-thirds of our workforce has collapsed due to demonetisation. Lives, Livelihoods and Jobs have been decimated. This government is responsible for this.

11. Ill-Effects of demonetisation on rural markets and Agriculture, heightened the distress among farmers. Their protests have been met by police firing from BJP state governments.

12. Why were people imposed with a burden of printing new notes costing Rs. 8000 crores; ATM recalibration cost of over Rs. 35,000 crores in addition to the loss of economic activity estimated by the CMIE and others to the tune of Rs. 1,50,000 crores?

13. How much taxpayer money in ads has the centre spent to ‘ glorify’ the PM and Demonetisation?

14. The government must fix accountability for this disaster and punish those responsible.

Demonetisation – nothing but a torture of the people.

31 Thursday Aug 2017

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It has now been reported by the Reserve bank authorities that about 99% of the cancelled high value notes have been received back. The claim of the central government was that black money will be caught and exposed. Where is the black money caught? All the money has come back and the people with black money has also got the new notes.

Demonetisation has been a torture of the people. More than 100 people have died standing in the queue for getting their own money from the ATMs. There has been many reports of certain political parties, especially the ruling BJP, having changed their notes of crores of rupees just one day before demonetisation. The government has in fact given chance to the corporates and big business to make their ill gotten wealth in to legal money.

IT Returns post De-monetisation – Utter Confusion in the Government

19 Saturday Aug 2017

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The Prime Minister in his Independence Speech stated that additional 56 lakh people have filed personal Income Tax returns from 1-4-2017 to 5-8-2017.

Economic Survey released on 12th August says 5.4 lakh new tax payers were added.

On May 17, Finance Minister Arun Jaitely stated that 91 lakh tax payers have been added post demonetisation.

Ministry of Finance informed Parliament that 33 lakh new tax payers have been added as on 1st August 2017.

These statements are all from responsible persons of the government, but are entirely different numbers. It shows that the neither the Prime Minister, nor the Finance Minister nor the Finance Ministry has any correct picture of the post demonetisation situation. It is clear that the number of new tax payers are increased according to their own fancy to show higher and higher number.

The clarifications issued by the Income Tax Department to justify the various claims has no relevancy at all. Not only demonetisation has caused immense misery to the people, but they are again cheated of the correct information.

No wonder. When there is no commitment to the people, all this will happen.

Demonetisation the main factor for GDP drop

02 Friday Jun 2017

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The statement of Finance Minister Arun Jaitely that demeonetisation is only one of the factors for the drop in GDP is nothing but a weak escape route. The fact is that the main reason for the GDP drop is demonetisation. crires of work hours have been lost by people standing in queue for hours together in front of ATM, Bank Counters etc. Business have been seriously affected due to shortage of money. Agricultural products were damaged and dumped due to lack of customers not having cash.

Not only it was demonetisation, it was de-humanisation. Crores and crores of people became victims of the cashless period. More than 20 people died standing in queues before ATMs and bank counters.

The six months or so after the existing Rs.1000 and Rs.500 notes were withdrawn was a period of pain for the country and the people. GDP also went down. If the Finance Minister was sincere, he should have admitted the mistake and apologized to the people for the hardship it caused.

But NO. Such apology will never come from this Modi Government. It will justify every one of its actions, whether good or bad.

Demonetisation creates further problems – Counterfeit of new Rs.2000 notes

03 Monday Apr 2017

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If the government thought that by introducing new Rs.2000 notes, black money will be eliminated, it was completely mistaken. Not even 5% of black money could not be unearthed.

In addition, confiscating of counterfeit of new Rs. 2000 notes worth crores of rupees has established that there are counterfeit notes of crores of rupees. This is because it is the same security features that was used in the 2005 period that is used in the printing of the new notes. Now, the government is thinking about changing notes every four or five years.

Had the government taken sufficient preparations for printing the new notes, this position would not have come. Hasty decisions for publicity without due consultations and preparations  become foolhardiness. The decision can  be compared to the two foolish decisions of Mohammed bin Tuglak – The shifting of capital from Delhi to Daulatabad and the minting of new bronze coins in place of  gold and silver coins. Counterfeit bronze coins were minted and circulated by many unscrupulous gangs and the entire economy was at risk. Tuglak was compelled to cancel both his decisions after utter failure.

Is Modi Government treading the same path?

 

 

Bank Workers will Strike on 7th February 2017 on NPA and Demonetisation

21 Saturday Jan 2017

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The Bank Employees Unions, BEFI, AIBEA and AIBOA has called upon their workers to organise agitational programmes including One Day Strike on 7th February 2017 demanding declaration of the names of the big corporates and others who are to pay back thousands of crores of rupees to the banks (NPA) and also on the miseries being put on the people and the bank workers by demonetisation.

The government and Banks are extra soft on the corporates who have taken loans of thousands of crores of rupees, while they are very strict and merciless against the poor who have taken small loans. At least the government and banks should publish names of these big rich people, whom the government and the banks are making all efforts to save. The government should understand that it is the money of the common people that is being looted by the rich through these bad loans(NPA).

We fully support the decision of the bank associations to go on strike.