Let the Finance Min

Let the Finance Minister say.." he said To this Deputy chairman P J Kurien said "that is RBI’s action" Agrawal then said that the earlier note ban decision was taken by the government and not the RBI "The RBI board had opposed it but the government took the decision The earlier decision (of demonetisation) was taken by the government the second one is also from the government" he said Echoing his views Leader of Opposition Ghulam Nabi Azad too sought clarification from the government on whether it was planning to introduce Rs 1000 coins "Every day we read about a coin of 1000 100 and 200 What is the actual status Are we to go by what media is writing The House is to be enlightened by the Finance Minister What is the truth" he asked "Are we going to have coin of Rs 1000 To carry coins we have to purchase a bag We must know Our sisters have the purse We shall also have to buy purse just to carry the coins of Rs 1000 (denomination)" he said and added that there was no politics in this issue Tiruchi Siva (DMK) said he cannot dispense with the media reports completely and sought clarification from the government on the issue Sharad Yadav (JD-U) said the issue was serious as the rumours are strong The government should clarify and stop the rumours or else people will start returning Rs 2000 notes On the 41st day of Prime Minister Narendra Modi’s 50-day promise to get back normalcy in common man’s life post 8 November demonetisation announcement yet another promise is broken The Reserve Bank of India (RBI) in a press release said in the remaining days of this month one can make a deposits in Rs 500 and Rs 1000 notes in excess of Rs 5000 only once per account If you want to deposit cash in banned currency in excess of that amount you’ll have to explain in the presence of at least two officers on why you could not do it earlier Even if the deposits are made in small amounts multiple times if they add up to the magic number of Rs 5000 again you stand exposed to questions One wonders what happened to PM Modi’s promise (read the full text of PM Modi’s 8 November speech here) to the nation that “Persons holding old notes of 500 or 1000 rupees can deposit these notes in their bank or post office accounts from 10th November till close of banking hours on 30th December 2016 without any limit Thus you will have 50 days to deposit your notes and there is no need for panic Your money will remain yours You need have no worry on this point” The RBI circular is also silent on why should an honest citizen need to answer a banker on the timing of his deposit and the amount A banker after all is not an investigator Or is the assumption here that anyone who hasn’t deposited invalidated currencies in their bank accounts are hoarders of black money Repeated flip-flops in withdrawal/exchange rules since 8 November makes one wonder what is the nature of the plan both the RBI and the government claims to have for the ‘well-thought out’ rollout of currency ban It reminds one the statement of former Prime Minister Manmohan Singh’s caution to the RBI an institution he headed once about the trust deficit the central bank is facing with the way it dealt with the demonetisation from the very beginning “It is no good that everyday the banking system comes with modification of the rules the conditions under which the people can withdraw money That reflects very poorly on the Prime Minister’s office on the finance minister’s office and on the Reserve Bank of India I am very sorry that the Reserve Bank of India has been exposed to this sort of criticism which I think is fully justified” The ardent fans of frequent rule flip-flops in government and the RBI would do well reading history and find the story of a former Delhi sultan Muhammad bin Tughluq What do the government and the RBI achieve by breaking their promise by restricting deposits before the 30 December deadline One possibility is that the government doesn’t want a likelihood of all money demonetised returning to the bank counters At the last count almost Rs 13 lakh crore of the Rs 154 lakh crore demonetised currency notes had found their way back to the bank counters If all the Rs 154 lakh crore returns it will be an egg on the face of the government which probably expected a good part of the unaccounted wealth to get destroyed This would have helped it to say that much illegal cash is destroyed in the exercise Earlier the government was expecting only around Rs 10 lakh crore to return but the public surprised the government by depositing money diligently If the action is to target hoarders it is unlikely that the government finds any luck with this latest flip-flop The tax evaders would have deposited their money much earlier in small doses either by creating fake accounts (like in the Axis Bank episode) donating to one of the 1866 political parties that enjoy no tax no scrutiny under the current laws by splitting the amount to several small bundles or depositing it multiple benami accounts Thus the likely victims of this latest U-turn will be the common man some of whom would have waited for the queues in banks to get short to deposit their old currency savings If they have a large amount to deposit they should get ready to face questions at bank counter to establish that this is their own money Last month the government had abruptly stopped the currency exchange facility at bank counters after initially promising until 30 December Remember a number of time rules have changed for the common citizens on cash withdrawals and deposits Bankers at one point even inked customers to ensure people don’t withdraw cash beyond certain specific limits reminding one of war-time rationing Demonetisation story is taking new turns rapidly with changing goal posts and theories of as yet uncertain gains in the long term But no matter what the final gains of the demonetisation are both the RBI and the government will have to answer the common man on the repeated breach of promises while executing a ‘well planned operation’ and fight a growing trust deficit that’ll also have likely political implications By: PTI | London | Published: November 23 2015 4:21 pm Ariana Grande beat the likes of Meghan Trainor and Taylor Swift to the win the trophy and thanked her grandmother in an emotional tribute (Source: AP) Related News Ariana Grande has dedicated her American Music Award (AMA) for best female pop/rock artist of the year award to her grandmother whom she calls “nonna” The 22-year-old singer beat the likes of Meghan Trainor and Taylor Swift to the win the trophy and thanked her grandmother in an emotional tribute reported Female First “I just want to thank my fans – I have the most incredible fans Ew I’m crying But I love you guys Thank you so so much I also want to say thank you to my family who are here tonight I owe a lot of this to my Nonna, fit India.” she said. In addition to the arts and commerce streams.

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