Political reaction to demonetisation ‘irresponsible’: Arun Jaitley

Jaitley dismissed the rumour of salt deficiency and inbuilt electronic chip in Rs 2000 notes. "These are concocted rumours," said Jaitely. The minister urged people to stagger depositing defunct currency and not crowd banks

By: Express Web Desk | New Delhi | Updated: November 12, 2016 4:34 pm
demonetisation, Rs 500 note, Rs 1000 note, Rs 2000 note, arun jaitley, demonetisation process, ATMs, narendra modi, indian express, india news Union Finance Minister Arun Jaitley. (PTI Photo)

Dismissing criticism over demonetisation of Rs 500/1000 notes, Finance Minister Arun Jaitley on Saturday that people will face difficulty for the first few days but it is a massive operation to curb black money. He added that it was not possible for the government to inform people about this decision in advance as “we had to maintain its secrecy as well”.

Jaitley slammed the Oppositon for condemning government for the move, Jaitley said that different political reactions are coming out of which some are really “irresponsible”. “Congress said it’s our money why should we join the line . But how do we know whether you have paid tax on your money,” said Jaitley.

Talking about the banking transaction after the demonetisation, Jaitley said, “SBI bank has alone completed 2 crore 28 lakh transactions in last two days, be it for deposit, exchange or any other form. Bank officials are working from morning to late night, people are also cooperating well despite all difficulties.” He said “its a big regret that people are being inconvenienced” and added that it will take 2-3 weeks times to re-calibrate 2 lakh ATMs for vend out new Rs 2000 and Rs 500 notes.

Jaitley also said that despite allegations by opposition parties that there was spike in bank deposits leading up to the demonetisation announcement, no such spike has been seen in any month, except September 2016. “That month the increase was because of money released on account of the Seventh Pay Commission payments,” he added.

The minister dismissed the rumour of salt deficiency and inbuilt electronic chip in Rs 2000 notes. “These are concocted rumours,” said Jaitely. The minister urged people to stagger depositing defunct currency and not crowd banks.

Responding to the jewelers converting defunct currency into gold, Jaitley said that stock details have been sought from jewelers on reports of dealings in defunct currency. “Government will not allow any illegal transaction in bullion, said the minister.

The minister appealed the people to stagger depositing defunct currency and not crowd banks.

Jaitley also said that all sections were looked after by the government. “One of most deprived sections of workers — MNREGA workers — get their money in bank accounts; no reason for anyone to feel deprived,” he said.

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  1. A
    Amanullah
    Nov 13, 2016 at 3:34 am
    Govt is taking 500 and 1000 notes in exchange of 2000 notes and this will create shortage of change in circulation. This is not the change people expected from Modi sarkar. People will change this sarkar soon.
    Reply
    1. B
      Barbdewyre
      Nov 12, 2016 at 12:18 pm
      Jaitley, we understand that it was the compulsions of election campaigns that dictated the demonetization date and not your preprdness. It may just go against you!
      Reply
      1. M
        MyTake
        Nov 12, 2016 at 12:09 pm
        Get an app on smart phone asking people to fill out form. Call them to come with money on specified day at specified bank/post office even if it is beyond the specified date. Many can afford to wait until you are ready. lt;br/gt;lt;br/gt;Then deal with others on fast track basis who need to exchange their money quickly. This will reduce the pressure on the system to a large extent.
        Reply
        1. S
          Sanjay Kumar
          Nov 12, 2016 at 11:39 am
          he loves India and wants its development why did he opposes UPA's demonetisation proposal in 2014 saying it will hit the poor. Now he is doing samething.
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          1. A
            aamJantaIndia
            Nov 12, 2016 at 10:58 am
            Mowdy says, very brilliantly planned, this money scheme...lt;br/gt;lt;br/gt;But, didnot check that the new notes will NOT fit in atm, as different size...lt;br/gt;lt;br/gt;Is this brilliant?
            Reply
            1. D
              Dash
              Nov 12, 2016 at 12:27 pm
              Bombta Baneejee and Khujli have been completely exposed. Jihadi money and Khalistani money are now mere pieces of paper.
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              1. B
                Barb Dewyre
                Nov 12, 2016 at 12:15 pm
                Jaitley, how easy it is to pontificate when you have home delivery for your limitless cash!
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                1. G
                  gc
                  Nov 12, 2016 at 12:28 pm
                  One of the biggest effect of this silent raid is that these politicians have lost power.Not just at the time of the elections,even while they are ruling, their entire machinery runs on black money, 80% of workers of these politicians are in fact 'employees' who work for them because they get their cut, of course in black. Now with the entire money gone in one slap, their entire empires are collapsing. Indians will realize in few months time that how this one move has made hawala operators, criminals, corrupt politicians and bureaucrats powerless in one slap.
                  Reply
                  1. B
                    Bandra
                    Nov 12, 2016 at 10:43 am
                    Talking about fake currency notes why did it take the government more than 2 years to demonetise them or was it to give the BJP members and supporters time to convert their black money into white- Ha Ha looks suious
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                    1. J
                      Joseph R Stephen
                      Nov 12, 2016 at 2:26 pm
                      You should come to the streets and eat food then you will know the pain.
                      Reply
                      1. K
                        Kabir
                        Nov 12, 2016 at 11:18 am
                        abe zandu thoda raste par akar dekh. kya haal hai logonke. sirf AC main baithkar bhashan zad raha hai. lekin ye logonko apane kiye ki saza hai, bhugato abhi brahmin baniya ko jo vote diye ho. ve kabhi apani galati manenge nahi, bas tumhe unki galatiya bhugatani padegi.
                        Reply
                        1. I
                          Ind
                          Nov 12, 2016 at 11:21 am
                          Indian PM Modi appeared visibly upset when he announced the sudden demonetisation. Who is controlling PM Modi ?lt;br/gt;RBI must introduce plastic notes with holograms like Euro currency. How can RBI be sure that new notes are not counterfeited without hologram ?lt;br/gt;RBI must invest atleast 5 percent of forex reserves in Indian stock market like EPFO. This is the best way to defend Indian Economy from external threats.
                          Reply
                          1. P
                            Prashant Agarwal
                            Nov 12, 2016 at 3:20 pm
                            It is not a change in currency only, it is a change in the various aspects of the Indian economy. The arguments are related with the intensions behind this so called ‘monetary surgical strike to disclose black money’… lt;br/gt;1. In Indian market system we have multilayer trading system where very small vender from an interior rural part use/ stock currency for the daily trading from the local w seller and the local w seller to distributer and then onwards.. we all know that in agrarian trading how far our market system is appropriate… this sudden change will definitely create some problems to them who have collected cash to maintain their stocks to daily business lt;br/gt;2. The farmer who have collected the currency for their agrarian needs (it is a sowing season for rabi ) are now in tension.. they don’t have the black money but due to limited awareness their savings now become worthless currency notes. It is right that they can deposit upto 2.5 lakh but the issue is the withdrawal of the money which is very limited moreover the unavailability of the currency in the banks will definitely affect their sowing plan.lt;br/gt;3. As a consumer, my right of choice is limited now… I can buy only from those shops or malls which have an electronic transfer system. Now the service provider is the king of the market. Definitely, it will blow the middle cl businessmen for two or more months.lt;br/gt;4. We all knows that our expenses are the other’s income and when we limit our expenses to few the income distribution will centralized (for the duration.)lt;br/gt;5. The currency in India is not only the mode of transaction it is has its own value as ‘savings’ this ‘savings’ are not the investment for an economist but it is quite valuable for the small income groups for the ceremonies and in emergency situations. The disclosure of this currency is acceptable but this change has forced us to deposit these saving to banks for a certain period of time is not appropriate… now banks will pay lower interest rates on the FDRs as they know that all the fractions of our consumption and saving portfolio. lt;br/gt;6. What about the senior citizens who have deposited their funds in the banks and get interest as their regular income.. the lower interest rates will reduce the income..lt;br/gt;7. Some are telling that that the houses and the properties will become cheaper but please tell me are they going to make education and health facilities cheaper.. lt;br/gt;8. The parallel economy is not based on the currency only it is in the form of fraud companies, foreign investments in the bogus foreign companies and so called ‘bilateral economic pacts of Indian multinationals’..lt;br/gt;9. If you want a change why you don’t apply ‘Zero Budgeting’ in India. Why the some of the big companies get tender of large projects again and again without completing the previous ones. Every time they get extension with an increased cost. They also get loans for the projects which they don’t complete. lt;br/gt;10. This system, without proper stocks and distribution of a new currency has created economic challenges for a large share of potion who hasn’t any ‘Black Money’. And unfortunately once again they become the sufferers of one more economic reform.
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                            1. V
                              Vihari Naidu
                              Nov 12, 2016 at 10:42 am
                              Sir, that's what elected representatives should do. Get elected and you will also realise the problems faced by common man.
                              Reply
                              1. R
                                Ramesh Chhabra
                                Nov 12, 2016 at 1:17 pm
                                Each and Every work, norms, law, Order have some system to implement. But withdrawing of 500, 1000 notes and replacing them with 2000 Rs. note has no system which causes so many problems for poor man, Middle cl people. Indian economy is on halt. Who is responsible for all these mismanagement. Why 100 Rs. note has not been provided in place of Re. 2000 note. Due to Re 2000 note the situation became more worse. In the market, Petrol Pumps, Railway station and all other cash dealings those were not ready to give balance amount of Re. 500 note, how they will return balance amount against Re 2000 note. Blame game between ruling and opposition might be political but problem faced by public is genuine which is to be continued for the next coming 15 days.
                                Reply
                                1. S
                                  sagar
                                  Nov 12, 2016 at 11:16 am
                                  84 percent of note change are yet to happen? Only 16 percent came to banks and ATMS. What an irresponsible home work or planning? The rest 16 percent came or not we do not know. If came, people have withdrawn it? What is our banking customer potion can we know from FM? when notes are not available, why announce any decision? Planning is needed
                                  Reply
                                  1. S
                                    sagar
                                    Nov 12, 2016 at 11:40 am
                                    A u turn indeed, today, we Indians are not customers, but govt head describes them as customers. That is why this pathetic condition exists, Govt need not come in steps or shoes of Indian citizens,
                                    Reply
                                    1. S
                                      sagar
                                      Nov 12, 2016 at 11:46 am
                                      If govt paralyzes the bankng sector, they are responsible for it. Not opposition. No new rules should paralyze the sector, Did the govt had in its mind?
                                      Reply
                                      1. S
                                        sagar
                                        Nov 12, 2016 at 12:44 pm
                                        If really it was a move for country and its people, why rich is not affected. BJP leaders are fake Mahatma hi, who sees always through hi's spectacle but drags a lot of wealth in its pocket. First disclose to people the amount of money flows in the BJP and where it comes? May be Bollywood, Tollywood, Kollywood, Ambani and Adanis has been in queue for BJP since long/
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                                        1. S
                                          sagar
                                          Nov 12, 2016 at 11:23 am
                                          No one can ban or bar any customer out of his satisfaction. We have hiji's words always in out bank offices. Customers are more important for us. Today, we are not customers we are treated like tax pay evaders etc or hawalas. Follow hiji's principle at least, FM or Modi should see what hiji told. Today we are no longer customers at all. Govt is thinking they are paying money like servants to us for our family. This trend is not acceptable.
                                          Reply
                                          1. R
                                            Rauf
                                            Nov 12, 2016 at 12:59 pm
                                            BJP should be remove from government ,,, this is a big Challenge to the President of India who is sitting and watch there hard moves which give common people hardship only by the BJP and there wealthy partners
                                            Reply
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