Latest News

November 8, 2018

After #DeMoScam, now Govt arm-twisting RBI for Rs 3.6 lakh Cr : Amit Mitra

After #DeMoScam, now Govt arm-twisting RBI for Rs 3.6 lakh Cr : Amit Mitra

Trinamool’s Dr Amit Mitra, who is also the Finance, Commerce and Industries Minister of Bengal, issued a statement at 5 PM on #DarkDay.

Here is his full statement:

Today is a very dark day when two years ago on November 8, 2016  the NDA Government let loose a destructive and despotic policy of demonetisation, destroying the livelihoods of millions of farmers, crores of entrepreneurs in the informal sector, crippling small businesses and ruining small traders, across the length and breadth of the country.

Looking back, the Nation is asking, “For whose benefit did the NDA Government undertake this draconian step?”  There is a deep feeling in the minds of the people that two years ago a most sinister scheme was let loose on the Nation which tantamount  to a massive scam.

In defending demonetisation, the Advocate General of India said to the Hon’ble Supreme Court that one thirds of the banned notes of Rs. 500/- and 1000/- will NOT return to the banking system, thereby destroying huge black money. Alas! 99.3% of the notes withdrawn have returned to the banking system, belying the Advocate General’s submission to the Hon’ble Supreme Court. In other words, through demonetisation, a few lakh- crores of black money has been converted to white, making this the mega scam of our nation’s history.

We have heard big-talk on the floor of the Parliament in February, 2017 that “data analytics” will be used to track down those who have converted black-money into white through demonetisation. Yet, since then not a single case has been concluded in hunting down the offenders. Why is this so? Is it incompetence or intentional negligence to enrich and legitimise the ill-gotten wealth of black money holders? Is this not a massive scam as well?

And on top of this, the RBI data suggests that large number of bank frauds have taken place under the NDA government in which Nirav Modi and company are only the tip of the iceberg.

Now the government of India is demanding that the RBI hand over Rs 3.6 lakh crore to the NDA government. If the RBI is forced to comply by invoking section 7, will this massive sum of money be also destined to creating another scam, enriching a few crony capitalists?

Demo extinguished lakhs of crores due to the fall in growth of GDP, and now the nation faces a breach of the fiscal deficit target, shortfall in GST collections, fall in employment growth, farmer suicides, export growth decline, terrible state for small enterprises, and a massive value destruction of the huge informal sector of India, which provides livelihood to crores of people at the lowest end of our society.

I am sure, that the wisdom of the common people of our nation will prevail and teach a lesson to the Political Party that brought such misery by its despotic act of Demonetisation two years ago, and then followed it up by an unprepared and confused launch of the GST.