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Sitaram Yechury targets Modi, quotes Ramayana

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By NewsGram Staff Writer

Patna: CPI-M leader Sitaram Yechury quoted from the Ramayana on Monday to ask Bihar voters to reject Prime Minister Narendra Modi, Janata Dal-United (JD-U) and Rashtriya Janata Dal (RJD) in assembly elections.

Addressing thousands of Left activists and leaders, Yechury expressed confidence that the people of Bihar would stop Modi’s “Ashwamedh horse”.

“Like Rama’s Ashwamedh horse was stopped by his two sons in the last phase of Ramayana, Modi’s Ashwamedh horse will be stopped by the farmers and workers of Bihar,” he said.

He also said that it was important to defeat the ruling Janata Dal-United as well as its allies–the RashtriyaJanata Dal and the Congress.

“There is a triangle before the people of Bihar. The first side is represented by the communal BJP-led NDA, which stand for Dusashan politics.

“The second is formed by the grand alliance of JD-U, RJD and Congress which represent the Sinhasan politics.

“The third consists of the Left parties which have come up with an alternative to defeat the Dusashan and Sinhasan politics,” Yachury stated.

Attending the meeting were members of the Communist Party of India, Communist Party of India-Marxist, Communist Party of India-Marxist-Leninist, Forward Block, Socialist Unity Centre of India and the Revolutionary Socialist Party.

“Last week, the entire Modi government bowed before the RSS at a meeting, and reports suggest that the RSS has instructed Modi’s government to implement its agenda,” Yechury said.

The BJP was trying hard to polarize Hindu votes in its favor and would fuel communal tension in Bihar in the coming days, he added.

Yechury termed the alliance of the JD-U, the RJD and the Congress as an opportunistic one.

“They have been using caste for politics and vote.”

(With inputs from INAS)


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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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