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| Demonetization no answer to black money stashed abroad: Harsh | | | Early Times Report
Jammu, Nov 17: Expressing concern over the multifarious problems faced by the common man in the wake of demonetization, Harsh Dev Singh Jammu and Kashmir National Panthers Party (JKNPP) Chairman has called the union govt. to appropriately address the crisis like situation by ensuring adequate flow of new currency notes.
According to press release, he said that with people's anger over currency drought mounting with each passing day, it was increasingly being felt that govt should have chosen a better way to combat black money. He said that the scrapping of prevalent currency had a devastating effect upon the common man, farmers, labourers, small traders, truckers and those working in rural areas.
He said that currency squeeze was taking a heavy toll on sowing, people dying while standing in queues and feeling harassed in paying for weddings, medical emergency and even for groceries. He said that to add to the public woes were the new announcements being made by the govt on day to day basis regarding the conduct and procedures to be followed during currency exchange which had made the confusion worse confounded.
Harsh Dev Singh said that while fight against corruption was welcome but the govt. could have explored other available options as well. He said that even the Former RBI Governor Raghu Ram Rajan had dis-approved of demonetization on the grounds that it was "old fashioned tool" and that big black money hoarders would always find escape routes. He regretted that the better options of stronger tax administration and realigning taxes proposed by several economists had been down played and discarded by the govt.
Describing the demonetization exercise as a cover up operation to hide the failure of the BJP led govt. to fulfil its promise of bringing back the black money stashed abroad, Singh said that people were gradually realizing the truth behind its deceptive facades. He reminded the union govt. of the Bill passed by it in the parliament last year to unearth the black money held by Indians abroad with a 12% interest penalty and ten year jail term and questioned whether any one was punished under the said law.
Describing the demonetization exercise as grossly inadequate to unearth black money, Mr. Singh sought the fulfilment of Modi's promise to bring back 500 lakh crores black money held in Swiss and other Banks abroad by Indians rather than demonstrating his power and authority over poor labourers lined up in queues for exchanging their hard earned currency notes valuing Rs. 4000. |
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