Congress terms demonetisation biggest scam: Anand Sharma

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02 September, 2017

Former Union minister Kapil Sibal said, "Demonetised black money successfully laundered!" He said that those who are calling the note ban a failure and criticising it are confused.

He blamed the Prime Minister and Finance Minister Arun Jaitley for a number of anomalies in the economy and accused them of not coming up with solutions.

While Arun Jaitley said that it was a major step towards the formalisation of the economy and not exclusively confiscation of money, Chidambaram said that it was an objective that the NDA government set for itself.

However, the Modi government changed the goal posts and said the demonetization was aimed to make India shift from cash economy to digital economy.

Following PM Narendra Modi's announcement of the invalidation of high-value currency notes, estimates suggested around Rs 3 trillion would not be returned because it was unaccounted or black money.

The biggest embarrassment for the government was when it claimed that more than 99 percent of the cash had been deposited.

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He also said that the demonetisation scam not only dented institutional sanctity of the RBI but also the credibility of India overseas and demanded an apology from the prime minister.

"99 pc notes legally exchanged!" On the Goods and Services Tax (GST), Jaitley said its inflationary impact has been avoided and there is a scope of convergence of tax rates going forward. The report, which has come after a delay of almost two months as the central bank was still collating the data on the scrapped currency, also says that only about 89 million units of the banned Rs 1,000 notes, worth Rs 8,900 crore, didn't come back into the system. Since after the ban it was the Central government's and central bank's responsibility to release the figures as to how many notes were submitted to the bank. The intent of the drive, he said, was "to break the grip of corruption and black money". The report further said that "the cost of printing notes and coins has increased during this year". An upward trend was also noticed in March again part due to year-end investments and tax payments by individuals. The value of the SBNs received by the currency chests has been credited to the banks' account on "said to contain basis". The RBI has now also started printing new Rs 200 notes.

The fact that the bulk of the banned notes have been returned "shows that the banking system and the RBI were able to effectively respond to the challenge of collecting such a large number" of notes in a limited time, the finance ministry said in a statement on Wednesday.

The Congress said the prime minister should apologise for demonetisation as it had inflicted "misery" on the people and dealt a "body blow" to the economy. According to the report, the central banking institution's "net income from domestic sources decreased by 17.11 per cent from ₹52,157 crore in 2015-16 to ₹43,232 crore in 2016-17".

RBI's annual report also shows that the banking regulator's income for the 2016-17 declined by 23.56% while expenditure for the year increased by 107.84%. We had told the Prime Minister and the Government, this money belongs to the people of India, to the farmers, to the workers, to the housewives, to Government employees, to small entrepreneurs, to small industries, Mr Sharma said.


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