Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 148]
Warning (2): Cannot modify header information - headers already sent by (output started at /home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php:853) [CORE/src/Http/ResponseEmitter.php, line 181]
LATEST NEWS UPDATES | Demonetisation coin falls on Narendra Modi government's head, leaves behind a large bump -Sandipan Sharma

Demonetisation coin falls on Narendra Modi government's head, leaves behind a large bump -Sandipan Sharma

Share this article Share this article
published Published on Sep 1, 2017   modified Modified on Sep 1, 2017
-Firstpost.com

The Narendra Modi government seems to have inherited Amitabh Bachchan's famous coin from Sholay. For, whichever way it falls, the government claims it has won. Its latest spin on demonetisation is yet another example of the government's 'heads we win, tails we win' arrogance.

But, economy is not cinema. So, don't believe for a moment that the government was expecting almost all of the demonetised currency to return to the Reserve Bank of India (RBI says almost 99 percent of it has come back). It was, instead, optimistic that black money hoarders would throw a huge chunk of the banned Rs 500 and 1000 notes down some drain – literally.

The first indication of the government's optimism came from none other than Prime Minister Narendra Modi himself. In Japan, on 12 November, four days after his government banned the use of Rs 500 and 1000 notes at the stroke of midnight, the prime minister was in a jovial mood.

First, he told his audience how he had made Rs 500 and 100 notes vanish. "Ghar main shaadi hai par paise nahin hai (there a marriage in the household, but there is no money)," he laughed. Then, he made another important observation. "Pehle Gangajime koi ek rupiya bhi nahi daalta tha, par ab usi Ganga nadi me 1000/500 ke note beh rahe hai (In River Ganga, where people didn’t even donate one rupee, now there are notes of Rs 1000 and Rs 500 notes flowing)," he said to a raucous applause.

What exactly was the prime minister telling us? Listening to him back then made us believe that the government was convinced there was so much black money lying around in Indian homes that people were desperate to get rid of it in any way possible, even if it meant dumping it in the Ganges. It also underlined the government's central belief – the one it is now denying in a classical exhibition of goal-post shifting – in the demonetisation move: That a huge amount of money would not return to the system, thus, giving it windfall gains.

This optimism was expressed by the government and many cheerleaders of demonetisation. Arguing in favour of the note ban, the then Attorney General Mukul Rohatgi told the Supreme Court that of the total estimated money in circulation of Rs 15-16 lakh crore, the government expected people to deposit Rs 10-11 lakh crore.

Please click here to read more.

Firstpost.com, 31 August, 2017, http://www.firstpost.com/india/demonetisation-coin-falls-on-narendra-modi-governments-head-leaves-behind-a-large-bump-3994169.html


Related Articles

 

Write Comments

Your email address will not be published. Required fields are marked *

*

Video Archives

Archives

share on Facebook
Twitter
RSS
Feedback
Read Later

Contact Form

Please enter security code
      Close