Post Demonetization: Vibrant Views

            Former Prime Minister Manmohan Singh is enacting in the meeting of the Parliamentary Committee on Finance.  His demur is on the Reserve Bank of India, its share and beneficence in implementation of demonetization policy.  He recommended the Parliamentary committee to dispose government officials first before it hears RBI Governor on January 18 and 19.  Being economist, Mr Manmohan Singh wants to determine the circumstances leads to its implementation in hustle.  The experts were called for conduce and offer connotations.  The experts were economists Rajiv Kumar and Mahesh Vyas, statistician Pronab Sen and Kavita Rao.  Majority of experts were critical during deliberations.  Singh said “we were discussing when the RBI Governor should appear before panel”.  The government took the decision on November 7 and RBI board stamped it on November 8 - as per RBI note – thus, government officials will be heard first.  This infringed on the autonomy of RBI institution; what Manmohan Singh wants to denounce.  Second, what Mr Singh wants to consummate is, the RBI was not adequately involved in decision making.  Third, the motive behind the policy is not flawless; as assertion changes from time to time; to eradicate the terrorism, nexalism, counterfeit currency – Home Ministry concern - and then deviated to cashless transaction.  Fourth, what steps the RBI has taken to alleviate the cash crunch?  The BJP members of Parliament may oppose any move to censure the Central Government and RBI.

   

            Union Minister M Venkaiah Naidu said that the black money is the malignant cancer to the society, and to exterminate it, the chemotherapy is needed that have side effects.  “The country is suffering from twin problems: corruption and black money.  It needed chemotherapy and surgery.  So prepare for its side effects that are temporary.” he said.  According to Mr Naidu, the Indian economy is expected to be ten trillion dollars form present two trillion dollars by 2030; so support Modi Government.

            Delisting of 255 defunct political parties is another step in the direction of eradication of black money from the society.  Delhi top (52 parties) the list followed by Uttar Pradesh.  Some of the party’s addresses are untraceable; one party’s address is of present Home Minister Rajnath Singh bungalow, while others is the office of CID Jammu & Kashmir office.  Rashtriya Hindu Sangathan is one man’s army located at Indore.  Some of the occupants of the party address never heard about party itself.                 

            Except political parties, the public fury has dwindled substantially due to partial availability of cash.  Villagers and small town residents are still facing misery from cash crunch as against urbanites.  E-commerce Company Snapdeal has launched home delivery of cash scheme for their customers.  Another advantage of the policy is Central Board of Direct Taxes and Enforcement Directorate is now busy guys.  Every now and then they are unearthing old and new currency along with gold and jewelry as well as benami properties.  So far, the Income Tax department has identified 67.54 lakh potential non-filers of income tax return.