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Modi: Congress must make New Year resolution to not disrupt parliament

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New Delhi: After yet another parliament session that saw demonstrations and disruptions, the Prime Minister today blamed the Congress party for derailment.

Speaking at a public rally, Modi said that the Congress party must make a New Year resolution to permit the Parliament to function for the sake of the country’s development.

“Tomorrow is January 1. When you are going to celebrate New Year, you should take a vow to allow Parliament to run and do its work and not pose hurdles for the country’s development,” Mr Modi said.

“This is the misfortune of India, Parliament where laws are made is not being allowed to function. Those who have been rejected by people seized its functioning. They do not allow Parliament to run. I request all these political parties not to do so. Since I have not got an opportunity to speak in Lok Sabha, I am taking the opportunity to air my views in ‘Jan Sabha’. People have sent us to Parliament to debate, discuss and decide,” Modi added.

“It is our responsibility to accomplish the work entrusted on us by people. This responsibility especially lies on those who have ruled the country for over 60 years. They know what the responsibility of Parliament is. It is especially their responsibility to ensure that country’s development is not stopped because of their political reasons. I understand the anger of those who have not got a chance to rule the country. But those who have enjoyed all kinds of power for 60 years have no right to halt Parliament and destroy its functioning,” he said.

He was addressing a public rally after laying the foundation stone of a 14-lane expressway connecting Delhi and Meerut.

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The Answer to The Impending Questions On Demonetization Are Here

While it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

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Indian Currency. Pixabay

Nearly all of the currency removed from circulation in a surprise 2016 attempt to root out illegal hoards of cash came back into the financial system, Resever Bank of India  has announced, indicating the move did little to slow the underground economy.

Prime Minister of India, Narendra Modi’s currency decree, which was designed to destroy the value of billions of dollars in untaxed cash stockpiles, caused an economic slowdown and months of financial chaos for tens of millions of people or demonetization.

Modi announced in a November 2016 TV address that all 500-rupee and 1,000-rupee notes, then worth about $7.50 and $15, would be withdrawn immediately from circulation. The banned notes could be deposited into bank accounts but the government also said it would investigate deposits over 250,000 rupees, or about $3,700. The government eventually released new currency notes worth 500 and 2,000 rupees.

 

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An activist of Congress party hold the banned 500 and 1000 rupee notes.

 

In theory, the decree meant corrupt politicians and businesspeople would suddenly find themselves sitting on billions of dollars in worthless currency, known here as “black money.”

“A few people are spreading corruption for their own benefit,” Modi said in the surprise nighttime speech announcement of the order. “There is a time when you realize that you have to bring some change in society, and this is our time.”

But even as the decree caused turmoil for those in India who have always depended on cash — the poor and middle class, and millions of small traders — the rich found ways around the currency switch. In the months after the decree, businesspeople said that even large amounts of banned currency notes could be traded on the black market, though middlemen charged heavy fees.

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Prime Minister Narendra Modi along with mayor, flickr

The reserve bank of India report said in its Wednesday report that 99.3 percent of the $217 billion in notes withdrawn from circulation had come back into the economy. Some officials had originally predicted that number could be as low as 60 percent.

Also Read: Diverse Gathering To Be Addressed This World BioFuel Day: PM Narendra Modi

“Frankly, I think demonetization was a mistake,” said Gurcharan Das, a writer and the former head of Proctor & Gamble in India. He said that while it did broaden the country’s tax base, it was a nightmare for the immense, cash-dependent informal economy.

“You can’t overnight change that in a country which is poor and illiterate. Therefore, for me it’s not only an economic failure but a moral failure as well,” Das said. (VOA)

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