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Will do in 50 months what others failed in 50 years: Modi

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Varanasi: PM Narendra Modi slammed opposition for questioning his ambitious Jan Dhan Yojana and said, “Those who kept poor away from banking facilities even after four decades of nationalization of banks are seeking account of such a scheme of government which has brought Rs 30,000 crores cash in rotation in a record time.”

indianexpress.com
indianexpress.com

While speaking at an event of rickshaw distribution in his parliamentary constituency, Varanasi, on Friday, PM not only indirectly targeted the previous Congress-led governments referring to the popular slogan of ‘Garibi Hatao’ but also expressed his commitment of doing the task in 50 months what they had failed to do in 50 years.

PM Modi’s Varanasi visit
“Main hairan hoon, jinhone ek bhi khata nahi khola who hisab maang rahe hai ki khate operate nahi ho rahe hain. Main yeh batane ayah un ki jo kaam apne 50 saalon mein nahi kiya, main who 50 mahino mein karunga.  (I am surprised that those who did not open a single bank account are showing their concern that the accounts are not being operated properly. I am here to tell them that what they failed to do in 50 years, I will do in 50 months),” Modi promised so in Varanasi.

(With inputs from TOI)

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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in a November 2016 TV address that all 500-rupee and 1,000-rupee notes, then worth about $7.50 and $15, would be withdrawn immediately from circulation.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.

 

demonetization
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.

demonetization
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)