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| Demonetisation: BJP in dock over sudden spike in deposits in September | | | Early Times Report
JAMMU, Nov 16: While prime minister Narender Modi demonetised Rs 500 and Rs 1,000 notes on November 8 last, launching a crusade against the black money hoarders and hawala racketeers funding and sustaining terrorism in J&K, his party is virtually in the dock over the sudden spike in deposits in banks in September, ahead of the government announcement to withdraw the old notes.
The issue has been raised by Congress and other political parties who have sought a reply from the saffron brigade in this regard. Understanding the seriousness of the issue, Finance Minister Arun Jaitley was, however, prompt in making a reply. He claimed that the immense increase in deposits was primarily on account of payout of arrears of 7th Pay Commission.
The opposition parties, however, find it hard to digest. A Congress leader said pointed out that the 7th pay commission arrears were far below than the deposits. The BJP has so far not come forward with any convincing reply to it.
Reports, quoting RBI figures, have said that a look at last two years monthly aggregate deposit data for banks shows that September's figure in absolute terms is the highest monthly mobilisation by far during the period. In one of the highest monthly bank deposit mobilisation over the last two years, September 2016 has seen an aggregate addition of Rs 5.98 lakh cr over that in August 2016 to hit an all-time high of Rs 1,02,08,290 cr.
This is what has raised doubts in the minds of opposition parties which suspect that BJP had informed 'friends' beforehand about demonetisation. What further strengthens the doubts of opposition parties to this effect is the sharp growth of 13.5 pc in September that comes on the back of subdued growth of between 7 and 9.5 pc between April and August 2016.
Even on a year-on- year basis, the growth in deposits in September is the highest in at least two years and it grew by 13.5 per cent (Rs 12.11 lakh crore) over that in September 2015, according to TV reports, quoting experts.
Questions have been raised on the sudden jump in deposits with banks in September 2016, ahead of the government ban on Rs 500 and Rs 1,000 notes. The abrupt jump in deposits in September has been termed above normal in absolute terms. This is something that raises doubts about the BJP's 'intentions'.
Reports, however, suggested that apart from the 7th pay commission arrears, government's fertiliser subsidy payout and money related to spectrum auction could have also lifted the deposits. Even if all these factors are taken into account, the deposits are baffling.
Congress has even dared prime minister Narendra Modi to make public BJP's bank transactions from March to September 2016, accusing the government of allegedly leaking the demonetise move to a 'selected few' and questioned how the BJP's Kolkata unit had deposited Rs 1 cr on November 8, the day Modi announced the demonetisation of Rs 500 and Rs 1,000 currency notes. According to RBI figures, money deposited in all the banks in July 2016 was Rs 96,196 billion, but in September 2016, this astonishingly rose to Rs 1,02,082 billion, according to TV reports.
The opposition parties have termed as a 'lame duck excuse' Jaitley's clarification that in September the arrears of Seventh Pay Commission had lead to increase in bank deposits. All want to know how much money has been exchanged in the banks before the demonetisation announcement. Delhi chief minister Arvind Kejriwal too has accused BJP of informing 'friends' beforehand about demonetisation.
In view of all these allegations of the opposition parties, BJP must come forward in making public the bank transactions, ahead of the government announcement to demonetise old Rs 500 and Rs 1,000 currency notes. This would held it to 'rebuild' its image in the public. The earlier it is done, the better it would be for the party's future. |
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