Demonetisation: PM Narendra Modi calls for Cabinet meet as Parliament deadlock continues

The Opposition has been up in arms over the Prime Minister's absence from the Parliament and demanded he must participate in the debate.

By: Express Web Desk | New Delhi | Updated: November 24, 2016 7:32 pm

 

parliament, Demonetisation, Narendra Modi, Modi parliament, Opposition, Modi demonetisation, parliament demonetisation The Opposition has been up in arms over Prime Minister Narendra Modi’s absence from the Parliament and demanded he must participate in the debate.

Prime Minister Narendra Modi has called Cabinet meeting tonight, possibly to discuss the penal 200 per cent tax that is keeping away the scrapped 500 and 1000 rupees notes from entering the formal system. The meeting, summoned at a very short notice, comes amid reports of high tax penalty terrifying people from putting their cash savings into the formal banking system. Sources said the government wants all of the 500 and 1000 banknotes to be deposited and not burnt or destroyed for the fear of penal action.

WATCH VIDEO: Finance Minister Arun Jaitley Slams Opposition Over Demonetisation

The Income Tax Department had previously warned that cash deposits above Rs 2.5 lakh threshold post demonetisation decision could attract tax plus a 200 per cent penalty in case of income mismatch. It was stated that the department was tracking all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account.

This had put a fear in people with reports of the banned currency even being destroyed. Sources said the government may come out with a deposit scheme or an instrument like bond where the cash savings in the banned notes could be deposited.

The Opposition has been up in arms over the Prime Minister’s absence from the Parliament and demanded he must participate in the debate. Ghulam Nabi Azad, the leader of Opposition in Rajya Sabha, had said his party won’t allow the House to function if the Prime Minister skipped the discussion. Reacting to Opposition’s obstinate resolve to disrupt Parliament proceedings since the past few days, Union Finance Minister Arun Jaitley said they are inventing reasons for running away from debate, adding that the Opposition is not keen on debating the issue. His comment triggered an uproar in the House and Opposition MPs began to chant: “Pradhan Mantri bhagh gaya“.

Jaitley also countered former Prime Minister Manmohan Singh’s statement in the Rajya Sabha on demonetisation that termed the Centre’s move to scrap old high denomination notes as a “monumental mismanagement”. He said the move will have positive impact in medium and long term. Speaking in the Rajya Sabha today, Manmohan Singh had urged PM Modi to find “pragmatic ways” to alleviate the sufferings of the people.

ALSO READ: Parliament Highlights: Rajya Sabha adjourned for the day after uproar by Opposition over demonetisation

He said the 50 days time sought by the prime minister for things to normalise could have a detrimental effect on the poor section in the society. “The way this is being implemented, it will hurt farmers, small traders and those in the informal sector. The GDP of the country can decline by 2 per cent. I feel that the PM must come with some constructive proposal on how we can implement this scheme,” he said.

Saying that he doesn’t disagree with PM Modi’s decision to root out black money from the system, Singh warned the Centre that the alleged deaths due to demonetisation can weaken public’s confidence in the currency and banking system. “60-65 people have lost their lives, what has been done can weaken our people’s confidence in currency and banking system,” Singh said. He asked PM Modi, who was present in the House, whether he could name any country where people have deposited their money but are not able to withdraw it. With the Finance Ministry introducing new norms everyday, Singh said that it wouldn’t reflect well on PM Modi and it exposed RBI’s poor planning.

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First Published on: November 24, 2016 5:47 pm
  1. B
    Bhuvesh
    Nov 24, 2016 at 6:07 pm
    Modi is acting like a Pujari of a temple rather then PM who has any sense.
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      GS Shrivastava
      Nov 24, 2016 at 12:47 pm
      What he said in parliament was a readout prepared by Madame hi, what he was doing for 10 years during his tenure.
      Reply
      1. A
        A
        Nov 24, 2016 at 2:17 pm
        bharat mata ki jai...jai hind....jai modi.............
        Reply
        1. A
          A
          Nov 24, 2016 at 2:21 pm
          bharat mata ki jai...jai hind....jai modi............Jai bharat...jindabad...jindabad...
          Reply
          1. A
            A
            Nov 24, 2016 at 2:25 pm
            hahahaha...yea...i m not a religious bhakt at least....unlike you..dumb fk....
            Reply
            1. A
              A
              Nov 24, 2016 at 1:47 pm
              mulla MC...religious fundamentals...ISIS agent...
              Reply
              1. S
                Stonecold
                Nov 24, 2016 at 5:29 pm
                ISIS is better then you people . You people are killing your own people .
                Reply
                1. Z
                  zeed
                  Nov 24, 2016 at 10:15 pm
                  Chindi chor
                  Reply
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                    AML
                    Nov 25, 2016 at 1:04 am
                    I think it is a disgrace that some (perhaps a lot of) people of the biggest democracy hide large sums of money "under the mattress" or deposit it in foreign banks where it does no good to the national economy. If your money is honest, keep in the domestic bank; it is safe there and can be used to do highly progressive things. If it is dishonest money, you are corrupt and are contributing to poverty of others.
                    Reply
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                      ashok s
                      Nov 25, 2016 at 12:41 am
                      Now pm say no penalty on black money. And black marketeers can buy bonds from bm . ha ha biggest joke . incentives on black money.
                      Reply
                      1. A
                        Avinash
                        Nov 24, 2016 at 5:45 pm
                        Feku must come to his sense. W Nation is suffering. Why impose your will on people to use their own hard earned life saving according to your order. it is our money and we have right to decide how we use it not people in power who themselves have thousands of crore Black money in swiss bank.
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                          Dash
                          Nov 24, 2016 at 12:59 pm
                          India is waching the deeds of opposition parties. It's Modi vs corrupt politicians. Traitors will not be forgiven. They are the stumbling blocks who want Indians to rain poor. They have been exposed thoroughly. People know why Bombta,Khujli,Mayawati,Pappu are against demonetization.
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                            Dash
                            Nov 24, 2016 at 5:06 pm
                            Never thought people will support demonetization so enthusiastically despite facing inconvinience. Right-thinking people are with Modi. Met a Cong. supporter who said Modi should stay in power for at least 15 years. This man is made of some different material.
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                            1. B
                              Bijan Mohanty
                              Nov 24, 2016 at 7:36 pm
                              Can't you hear your own bark ?
                              Reply
                              1. B
                                Bijan Mohanty
                                Nov 24, 2016 at 7:31 pm
                                He will never come to sense. He has to be shown the door in next elections.
                                Reply
                                1. B
                                  Bijan Mohanty
                                  Nov 24, 2016 at 7:07 pm
                                  I feel you must be a paid stooge.
                                  Reply
                                  1. B
                                    Bijan Mohanty
                                    Nov 24, 2016 at 1:33 pm
                                    It is corrupt Modi vs honest politicians like Nitish, Mamata and Kejriwal.
                                    Reply
                                    1. B
                                      Bijan Mohanty
                                      Nov 24, 2016 at 1:57 pm
                                      Modi will bring THE END to the party called BJP.
                                      Reply
                                      1. B
                                        Bijan Mohanty
                                        Nov 24, 2016 at 7:31 pm
                                        Now he wants the w of India to live in a home without toilet. What a PM ?
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                                          Bijan Mohanty
                                          Nov 24, 2016 at 1:31 pm
                                          PM Narendra Modi has handled demonetisation in a most casual, insensitive and irresponsible manner causing irreversible damage to people, farmers, middle cl, dalits and small business men. The PM should resign.
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                                            Bijan Mohanty
                                            Nov 24, 2016 at 7:11 pm
                                            Pak seems to be your real place, A, the fake fellow.
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