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LATEST NEWS UPDATES | Lift the veil of secrecy -K Padmanabhaiah

Lift the veil of secrecy -K Padmanabhaiah

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published Published on Jan 25, 2017   modified Modified on Jan 25, 2017
-The Hindu

The primary aim of the demonetisation exercise was to tap black money. To mark the last day for depositing the demonetised notes, on December 31, 2016, the Prime Minister, in his address to the nation, fully acknowledged the great hardship suffered by common people due to the serious delay in making the new currency notes available in the banks, ATMs and rural areas, and thanked them for the faith they reposed in him in spite of such hardships. He announced a slew of financial sops to the marginalised and farmers. While he made a passing reference to black money hoarders being on the run, and about collusion on the part of a few bank and government officials, he made no mention of specifics like the government’s estimates of black money and counterfeit money unearthed by the demonetisation. Perhaps it was too early to arrive at such estimates with some precision.

Subverting the system

Newspapers were full of reports of some sensational cases of hoarding of new currency notes, within a few days after the demonetisation, even as common people could not get more than one, and then two new Rs. 2,000 notes even after standing in queues for hours. As of December 10, it was reported that a stash of Rs. 242 crore in new currency notes had been uncovered. Cases have to be investigated with the greatest speed as top priority and persons involved should be given exemplary jail terms. The investigation should reveal how the new notes, which were in such short supply, reached these hoarders in record time. The Prime Minister or his representatives should have given some details about the likely time frame for strong action against those caught, including hoarders and corrupt officials, to reassure the common man about the government’s seriousness in dealing with black money.

There are two other aspects of demonetisation on which clarity is required. One is the status of political funds, and the other the status of donations/offerings made to temples and religious institutions, through the so-called temple hundis.

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The Hindu, 25 January, 2017, http://www.thehindu.com/opinion/op-ed/Lift-the-veil-of-secrecy/article17089310.ece?homepage=true


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