Oppn dubs demonetisation as 'fiction', demands white paper from RBI

A united opposition on Tuesday dubbed the recent change in the limit of cash withdrawal from ATMs as 'mere politics' and 'fiction' on part of the BJP-led government at the Centre while demanding a white paper from the Reserve Bank of India (RBI) on the same.

Taunting the ruling dispensation, Congress leader Charan Singh Sapra said India is the first country in the world where a person cannot withdraw his own legitimate money.

"The people want to know from the RBI how much black money they have accumulated and out of the 15,44,000 demonetised notes, how much money has come back to their accounts. What was the constraint or compulsion that the RBI was forced to take this decision?" he asked.

"And how many directors were there when this decision was taken? In fact, the RBI should come out with a white paper with each and every answer the people of India want to know," he added.

Another Congress leader Meem Afzal echoing similar sentiments said that demonetisation hasn't benefitted the nation at all.

"They haven't changed the weekly limit. So, the daily limit also doesn't matter much. I am not able to understand what exactly they are doing. This is mere politics," he said.

Commenting on the declining GDP rate which is positioned at 6.6 percent this year, Afzal stated, "If the growth rate has come down by one percent, the country has already incurred a loss of more than Rs. 1.5 lakh crore."

RJD leader Manoj Jha on his part said this limit is more than just a fiction, adding the ATMs haven't received enough cash yet.

"You're increasing the limit, but there's no currency in the ATM machines. There are so many areas where ATM machines don't have cash. So, I want to ask the government how demonetisation has benefitted the nation. Are they clear on the black money front or counterfeit currency or terror-funding? They are very far from the aim they had set for themselves," he added.

The Bharatiya Janata Party (BJP), however, defended the move and said that the present condition post demonetisation has drastically improved.

BJP's Ram Kadam said, "The condition has improved now and the recent relaxation on the cash withdrawal limit from ATMs will benefit the common man."

The BJP-led Union Government announced the demonetisation of high-end currency notes on November 8 and levied limits on cash withdrawals from bank ATMS.

The earlier daily limit was Rs. 4,500 which has now been increased to Rs. 10,000 per day per card. The weekly limit of Rs. 24,000, however, remains unchanged.