Finance
Minister Arun Jaitley’s said ‘The issue should be looked at from the long-term
impact that is going to have on the Indian economy’. The shortage of new currency had to be
substituted through digital means, he reiterated. As per the assessment of Jaitley, two to
three months will be required to streamline the economy. The Reserve Bank of India (RBI) has not
changed the repo rate at 6.25 per cent due to uncertain global and local
factors. Now the RBI growth projection
for the financial year 2017 is 7.1 per cent as against 7.6 per cent as ascribed
earlier. As per the record, Rs 3.81 lakh
crore new currency notes of different denomination is in circulation from the
date of proclamation of the economic reforms.
Repercussion of demonetization
policy is buzzing in state assemblies.
The District Central Co-operative Banks had widespread network in many
states and are not allowed to deposit old currency by the RBI. All co-operative banks are controlled by politicians. Precautionary measures were taken by RBI in
view of fear of parking unaccounted money.
Mr Fadnavis Chief Minister of Maharashtra state along with opposition
leaders associated with these banks visited Delhi to meet higher ups regarding permission
to deposit old notes in co-operative banks.
Politicians are always of same tribe barring few. In Maharashtra state assembly, Mr Prithviraj
Chavan Ex Chief Minister has asked a valid question on floor of the house. ‘Rs 62 lack cash was recovered from the house
of Arun Jaitley. What was the cash doing
in the finance minister’s residence?’ he questioned. Shiv Sena, the alliance partner of ruling
party, the unsatisfied soul, is raising different issues from the day one. Congress party is expressing anguish in Madhya
Pradesh State Assembly. They are squarely
blaming Mr Narendra Modi as farmers and daily wagers are facing lot of
difficulties.
L. K. Advani senior BJP leader and
parliamentarian disgruntled about din in parliament and for which Lok Sabha Speaker
and Parliamentary Affairs Minister hold accountable. He asked who is running the house and Why not
sine-die the house when Lok Sabha was often adjourned. ‘Number one liar is the BJP party’, said
Samajvadi Party leader Mulayam Singh Yadav at public meeting in Bareilly Uttar
Pradesh. He rebuked the government by saying
‘entire black money is in the hands of hundred families of the country and one
among them is PM’s friend. The people
will give befitting reply to BJP in ensuing election’. Shiv Sena President Uddhav Thackarey met Home
Minister Rajnath Singh and expressed displeasure about the way the policy is
being handled. Thackarey is likely to
meet Finance Minister and Prime Minister soon and will discuss regarding hardship
people are facing.
The Enforcement Directorate (ED) is keeping a
watch over the bank transactions of 50 branches to detect money laundering and
hawala dealing. Along with bank auditors
the ED has swooped 50 branches of 10 public and private banks across the
country. They are scrutinizing each and
every transaction of all types of account wherever they are getting important intelligence
input from different agencies. Ledger
books, cash books and other relevant material are under random scrutiny. Accounts associated with petrol pump owners,
students, hawala racketeers, jan Dhan and dormant account where
disproportionate amount is deposited is under scanner of government agencies.
President of India stated that ‘the Parliament
is meant for legislative business and not for disruption’. PM Modi while addressing BJP parliamentarian
stated that ‘in a democracy, janshakti should be above rajshakti’. He urged the members to create awareness for digitization
and cashless economy among masses. The
ruling party is denouncing opposition for not allowing Parliament to function
legislative business. Contrarily, the
opposition parties are squarely censuring ruling party for a spoiled
broth. Opposition parties are observing completion
of a month of demonetization policy as ‘black day’. Rahul Gandhi has sarcastically described ‘PayTM
cashless facility’ as ‘pay to Prime Minister amenity’. Congress party, Trinamool congress and few
small parties are stalling the proceedings of both the houses and holding
dharna in front of Gandhi statue in Parliament with black badges. Many important bills are pending in both the
houses for discussion and legislative approval.
Nandan Nilekani former Chairman of
the Unique Identification Authority of India said ‘the fact is that we have had
a shock given to the currency system and, in my view, this will boost digital
economy’. The companies associated with
e-payment are doing grossly business.
They are receiving orders from semi-urban areas; inquiries are coming
from sundry business outlets like cycle shops, cane juice seller, temples, tea
and pan vender, daily needs center, etc.
By digitization the transaction will be accountable. Large number of section of society will be in
tax net thereby surge in direct and indirect tax collection. ‘Digital
acceleration needs strong internet connectivity’ Chairman of the Telecom
Regulatory Authority of India said.
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