Congress demands RBI Governor's resignation for 'Demonitisation Mess'
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Uttam leads massive dharna at RBI Regional Headquarters
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Demands lifting of all restrictions on withdrawal of money
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Restore RBI’s autonomy as India’s financial regulator: Uttam
Hyderabad, January 20: The Congress party on Friday demanded resignation of RBI Governor Urjit Patel for the 'demonitization mess'.
"RBI’s autonomy and statutory powers have been
subjugated and compromised. Responsibility lies at the doorsteps of RBI
Governor for this erosion of credibility. RBI Governor must forthwith
resign taking responsibility for the ‘demonetization
mess’ as also permitting Modi Government to encroach upon the
jurisdiction of RBI, rendering it as a mouthpiece of the government.
Times demand that RBI’s autonomy as India’s financial regulator be
restored forthwith," TPCC President N. Uttam Kumar Reddy demanded
in the representation submitted to RBI Regional Director R. Subramanian
after the Congress workers held a massive dharna at RBI's regional
headquarters at Saifabad.
Uttam Kumar Reddy demanded that the people be
granted the 'right of withdrawal of own money’ by lifting all
restrictions. "RBI and Modi Government should issue a ‘white paper’ and
answer all the questions and demands raised by the Congress
party on behalf of people of India," he said in the 4-page memorandum.
The TPCC chief alleged that the unwitting decision
of ‘demonetization’ has pushed 125 crore people of India into a web of
humungous problems and difficulties. "India's ‘wheel of development’ has
come to a standstill as crores of people
were made to line up in front of banks and ATMs for last 70 days by
giving up their day-to-day livelihood. ‘Demonetization’ has turned out
to be a surgical strike on India’s poor, farmers, labour, shopkeepers,
small businesses, middle class and the entire
unorganized sector. An autocratic Prime Minister, Narendra Modi,
bloating over the arrogance of numbers and a captive RBI, has plunged
the country into a state of ‘economic anarchy’, wiping out people's
earnings and creating a colossal sense of fear and insecurity,"
he said.
Uttam Kumar Reddy demanded that Modi Government
should unconditionally apologize to the families and nation for 120
deaths which were caused due to 'demonitisation'. He said special
provision should be made for payment of compensation to
the families of the deceased.
"RBI, Finance Ministry and other departments of Government have changed the rules and directives on demonetization 138 times in 70 days. RBI alone has issued 78 notifications of ‘rule change’ in 70 days
making people term it as ‘Reverse
Bank of India’. Does it not reflect and absolute lack of comprehension
and unpreparedness on part of RBI? Truth is, confusion confounds RBI and
Modi government completely," he said. Quoting statistics furnished by
experts, he said it would take 6 to 8 months
to print the entire 86% currency that has been withdrawn. He asked as
to why the RBI was not coming forward to disclose to people of India the
time that would be taken in replacement of ‘old currency’ with ‘new
currency’?
The TPCC chief also pointed out that the new notes
of Rs.500 and Rs.2000 have no new security features. Further, new Rs.500
notes of three different types have been printed on account of an error
as admitted by RBI itself. "Do RBI and Prime
Minister take responsibility for the same? Will it not lead to
counterfeiting of currency by those spreading fake currency in India?"
he asked.
He also sought clarification and statistics on how demonitisation has curbed 'black money'.
The Congress leader alleged that the
‘Demonetization’ has deeply hurt the ‘National Income’ and ‘GDP’. Centre
for Monitoring on Indian Economy (CMIE) has assessed the first 50 days
loss of demonetization at Rs.1,28,000 crores. In a report
on 16th January, 2017; International Monetary Funds (IMF) has predicted
a 1% loss to India’s GDP during the current financial year i.e.
2016-17. This would mean a loss of Rs.1,50,000 crores. Noted economist
& former Prime Minister, Dr. Manmohan Singh has assessed
the loss to GDP at nearly 2% or Rs.3,00,000 crores. As per IMF’s
report, India has lost the tag of ‘fastest growing economy’ to China.
Even the report dated 17th January, 2017 of ‘World Economic Forum’ has
downgraded India’s position in ‘Inclusive Growth &
Development Index’ to No. 60 out of 79 countries. Will RBI and Modi
government give an estimate of loss to economy and GDP?
Uttam Kumar Reddy said that the ‘Demonetization’
has paralyzed the entire agricultural economy. "Farm and Cooperative
sectors have been the worst hit with a unilateral embargo being placed
on 370 District Central Cooperative Banks and over
93,000 Agricultural Cooperative Credit Societies. Small and Medium
industries have shut down across the country with massive job losses.
Worst hit is the entire unorganized sector comprising of street vendors,
hawkers, carpenters, plumbers, masons, electricians,
blacksmiths, cloth merchants, kiryana shop owners, vegetable traders,
small traders and shopkeepers. Entire honest cash economy of India,
which is the biggest job generator, has been paralyzed," he said.
Earlier, Uttam Kumar Reddy led a massive rally,
organized by ex-minister Danam Nagender, from Ravindra Bharathi to RBI
regional office.
AICC leader Anil Shastri, TPCC Working President
Mallu Bhatti Vikramarka, CLP leader K. Jana Reddy, Leader of Opposition
in Council Mohammed Ali Shabbir, Implementation Committee chairman
Ponnala Lakshmaiah, AICC Secretaries R.C. Khuntia
and G. Chinna Reddy, ex-PCC president V. Hanumantha Rao, ex-union
minister Sarve Satyanarayana, MLCs Ponguleti Sudhakar Reddy, Akula
Lalitha, Ranga Reddy, MLAs T. Jeevan Reddy, D.K. Aruna, AICC Committee
Incharge K.B. Krishna Murthy, Youth Congress president
Anil Kumar Yadav, Mahila Congress president Nerella Sharada and other
leaders including Mallu Ravi, Marri Shashidhar Reddy, Anjan Kumar Yadav,
Ponnam Prabhakar and Dasoju Sravan took part in the protest.
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