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February 7, 2017

Ordinance on demonetisation was uncalled for: Trinamool in Lok Sabha

Ordinance on demonetisation was uncalled for: Trinamool in Lok Sabha

Speaking on the Specified Bank Notes (Cessation of Liabilities) Bill, 2017 in Lok Sabha, Trinamool MP called the Ordinance (which this Bill will replace) as “unnecessary and uncalled for”.

Quoting the RBI Act, Section 26(1) and (2), Saugata Roy questioned the Centre under what provision of law can the government restrict people from accessing their bank accounts. He said it was in violation of Article 300(A) of the Constitution.

He said that the Prime Minister’s reply during the Motion of Thanks to the President’s Address did not have any adequate answer on what was the rationale behind demonetisation. He accused the government of changing goal posts from black money to ‘Digital India’.

“In a country where there are 5.1 lakh villages, you have got only 1.36 lakh bank branches. We have got 2.18 lakh ATMs. 40 percent of whom do not work and 40 percent of whom do not have cash. You are subjecting the poor people to this. I mentioned yesterday by taking away cash from the economy you have breaking the backbone of the society,” Saugata Roy said.

He added: “Counterfeit notes are only 0.03% of total circulation. To get Rs 400 crore out of system, they cancelled Rs 15.44 lakh crore. Total amount of black money in cash is only 6%. People convert it into gold, real estate or keep it abroad. The government has failed to bring back black money from abroad.”

He asked the government if lengthy speeches in Parliament will bring back the lives of the 150 people who died due to demonetisation. He said that people of India will reply to this heartless and reckless step.