You are here: Home » PTI Stories » National » News
Business Standard

Demonetisation a political move, being sold as step against

Press Trust of India  |  New Delhi 

Terming a "political move" made without preparation, today said it is being sold as a "step against black money" and the Reserve did not give the advice it should have offered to the government.

"Who gave the advice I do not know, but I believe, as had said in Rajya Sabha, that Reserve did not give the advice it should have offered," party spokesperson said.



The economy has been growing at 7-7.5 per cent and the decision was taken only for political reasons, he alleged.

Ramesh made it clear that did not call for a 'bandh' and alleged that was spreading disinformation in this regard.

The Opposition parties will hold protests against across the country by observing "Jan Aakrosh Diwas" tomorrow, he said, adding that economic activity has anyway come to a standstill since November 9.

Ramesh termed the decision to scrap high-value currency notes a "political decision for three reasons".

"Prime Minister Narendra Modi believes in 'dhamaka' politics. This is a dhamaka (bang) that has changed the narrative. Since November 8 there is no talk, but of demonetisation," he said.

The second reason is that Modi had seen the "writing on the wall" in Uttar Pradesh, which goes to polls next year.

And thirdly, to cover up the government's failure to deliver on the Prime Minister's big electoral promise of bringing back black money stashed abroad.

"We welcome steps taken to eradicate black money. But I am afraid...All best estimates are that only 6 per cent of it is kept in the form of cash. So to address this problem, you have put 80 per cent of through hardships... While common people were facing difficulties, the actual culprits are leading lives of luxury," Ramesh said.

He said it may take 250 days to print the required number of currency notes to get the economy back on track. If notes are printed abroad, it will be a mockery of "Make in India" initiative of the government.

The leader said "a cashless society Modi has been talking of" may become a reality after 100 years, but not in the near future when a majority depends on cash transactions.

"Does the Prime Minister want to have cash-less mandis? Does the PM want to have the unorganized sector working cashless? I am sorry to say it's a ridiculous proposition, to say that will become cashless and all these economic sectors will become cashless," he said.

Such transitions take time and cannot be forced through shocks, he said.

Asked why Congress' ally Nitish Kumar was not in favour of protests against demonetisation, Ramesh said JD(U) leader Sharad Yadav was supporting it.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

Demonetisation a political move, being sold as step against

Terming demonetisation a "political move" made without preparation, Congress today said it is being sold as a "step against black money" and the Reserve Bank of India did not give the advice it should have offered to the government. "Who gave the advice I do not know, but I believe, as Manmohan Singh had said in Rajya Sabha, that Reserve Bank of India did not give the advice it should have offered," party spokesperson Jairam Ramesh said. The economy has been growing at 7-7.5 per cent and the decision was taken only for political reasons, he alleged. Ramesh made it clear that Congress did not call for a 'Bharat bandh' and alleged that BJP was spreading disinformation in this regard. The Opposition parties will hold protests against demonetisation across the country by observing "Jan Aakrosh Diwas" tomorrow, he said, adding that economic activity has anyway come to a standstill since November 9. Ramesh termed the decision to scrap high-value currency notes a "political decision for ... Terming a "political move" made without preparation, today said it is being sold as a "step against black money" and the Reserve did not give the advice it should have offered to the government.

"Who gave the advice I do not know, but I believe, as had said in Rajya Sabha, that Reserve did not give the advice it should have offered," party spokesperson said.

The economy has been growing at 7-7.5 per cent and the decision was taken only for political reasons, he alleged.

Ramesh made it clear that did not call for a 'bandh' and alleged that was spreading disinformation in this regard.

The Opposition parties will hold protests against across the country by observing "Jan Aakrosh Diwas" tomorrow, he said, adding that economic activity has anyway come to a standstill since November 9.

Ramesh termed the decision to scrap high-value currency notes a "political decision for three reasons".

"Prime Minister Narendra Modi believes in 'dhamaka' politics. This is a dhamaka (bang) that has changed the narrative. Since November 8 there is no talk, but of demonetisation," he said.

The second reason is that Modi had seen the "writing on the wall" in Uttar Pradesh, which goes to polls next year.

And thirdly, to cover up the government's failure to deliver on the Prime Minister's big electoral promise of bringing back black money stashed abroad.

"We welcome steps taken to eradicate black money. But I am afraid...All best estimates are that only 6 per cent of it is kept in the form of cash. So to address this problem, you have put 80 per cent of through hardships... While common people were facing difficulties, the actual culprits are leading lives of luxury," Ramesh said.

He said it may take 250 days to print the required number of currency notes to get the economy back on track. If notes are printed abroad, it will be a mockery of "Make in India" initiative of the government.

The leader said "a cashless society Modi has been talking of" may become a reality after 100 years, but not in the near future when a majority depends on cash transactions.

"Does the Prime Minister want to have cash-less mandis? Does the PM want to have the unorganized sector working cashless? I am sorry to say it's a ridiculous proposition, to say that will become cashless and all these economic sectors will become cashless," he said.

Such transitions take time and cannot be forced through shocks, he said.

Asked why Congress' ally Nitish Kumar was not in favour of protests against demonetisation, Ramesh said JD(U) leader Sharad Yadav was supporting it.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Demonetisation a political move, being sold as step against

Terming a "political move" made without preparation, today said it is being sold as a "step against black money" and the Reserve did not give the advice it should have offered to the government.

"Who gave the advice I do not know, but I believe, as had said in Rajya Sabha, that Reserve did not give the advice it should have offered," party spokesperson said.

The economy has been growing at 7-7.5 per cent and the decision was taken only for political reasons, he alleged.

Ramesh made it clear that did not call for a 'bandh' and alleged that was spreading disinformation in this regard.

The Opposition parties will hold protests against across the country by observing "Jan Aakrosh Diwas" tomorrow, he said, adding that economic activity has anyway come to a standstill since November 9.

Ramesh termed the decision to scrap high-value currency notes a "political decision for three reasons".

"Prime Minister Narendra Modi believes in 'dhamaka' politics. This is a dhamaka (bang) that has changed the narrative. Since November 8 there is no talk, but of demonetisation," he said.

The second reason is that Modi had seen the "writing on the wall" in Uttar Pradesh, which goes to polls next year.

And thirdly, to cover up the government's failure to deliver on the Prime Minister's big electoral promise of bringing back black money stashed abroad.

"We welcome steps taken to eradicate black money. But I am afraid...All best estimates are that only 6 per cent of it is kept in the form of cash. So to address this problem, you have put 80 per cent of through hardships... While common people were facing difficulties, the actual culprits are leading lives of luxury," Ramesh said.

He said it may take 250 days to print the required number of currency notes to get the economy back on track. If notes are printed abroad, it will be a mockery of "Make in India" initiative of the government.

The leader said "a cashless society Modi has been talking of" may become a reality after 100 years, but not in the near future when a majority depends on cash transactions.

"Does the Prime Minister want to have cash-less mandis? Does the PM want to have the unorganized sector working cashless? I am sorry to say it's a ridiculous proposition, to say that will become cashless and all these economic sectors will become cashless," he said.

Such transitions take time and cannot be forced through shocks, he said.

Asked why Congress' ally Nitish Kumar was not in favour of protests against demonetisation, Ramesh said JD(U) leader Sharad Yadav was supporting it.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard