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Indian government rushes to defend bank note ban as doubts grow
01 Setiembre 2017, 07:39 | Dolorita Barahona
Was demonetisation a scheme to convert black money into white Chidambaram asked
Businesses stalled, lives were disrupted. The banks which were struggling because of the NPA (non-performing assets or "bad loans") problem, will now have a lot more money to lend for agriculture, infrastructure, and social sector, as also for trade and industry.
"It's my daughter's wedding tomorrow and I need money to pay for everything".
Indians have deposited almost all the currency bills voided by Prime Minister Narendra Modi, denting the central bank's profit and dealing a blow to his drive to unearth unaccounted wealth. "And those who do hold stocks of cash are powerful enough to launder it and recycle it in different ways into the banking system".
So why hasn't the country risen up in fury?
Sharma accused Modi of defaming his own people before the world.
You only need to look at the hundreds of news websites in India to see that.
No matter what the supporters of the exercise might claim, the facts on the ground have failed to show any indication of the gains to the economy that had been promised. While the government claims the note ban as a success, opposition criticises it.
"Those who have indulged in corruption by cheating the poor, can not have a good night's sleep", he thundered from the ramparts of the Red Fort two weeks ago on the anniversary of India's independence.
But the reality is that benefits in just one state can't be thought to have been the main aim.
Modi's government on Thursday dispatched officials and ministers to tell the media that the central bank report did not undermine the case for demonetisation. The smaller payout imperils India's budget deficit target, because Modi boosted spending to compensate for a drop in private investment and consumption following the cash ban shock. "The object of demonetisation was not confiscation of money". Nearly entire money has come back. The intent of the drive, he said, was "to break the grip of corruption and black money". In other words, they could always ensure that any shift from currency to bank deposits forced upon them by the government could be made to impinge to the required extent on their "white" transactions and not on their "black" transactions, so that their total business, taking both "white" and "black" operations together, was not affected.
The disclosure put to rest one of the big mysteries surrounding the exercise, billed as one of the biggest-ever assaults on black money and, according to some analysts, helped the Bharatiya Janata Party win popular support and the crucial Uttar Pradesh polls earlier this year.
The tax department can now go after him and unearth his income and financial transactions for the year and demand appropriate tax. With private surveys indicating worsening business conditions following the July 1 roll out of a nationwide sales tax, the monetary authority may be pressured to keep interest rates lower for longer even as inflation accelerates.
"This data proves that demonetisation was a total failure", said Mr Mohan Guruswamy, chairman of the New Delhi-based Centre For Policy Alternatives, who had advised a previous government led by the current ruling party. It is important to realise what was the Indian normal for last 70 years.
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