Excelsior Correspondent
JAMMU, Aug 31: Senior Congress leader and State unit president of All India Professionals’ Congress, Y V Sharma today reacted strongly on the report of RBI released on Wednesday that 99.3% of the demonetised currency notes of 500 and 1000 denomination had come back to the Central Bank.
In a press statement here, Sharma said that demonetisation was an ill-conceived, half- backed, economically illogical and whimsical decision which was criticized not only by National but also by International economists. Dr Manmohan Singh, the world famous economist, Ex- Governor of Reserve Bank, Finance Minister and Economic Advisor in various Central Govt’s and Prime Minister of Country for 10 consecutive years had warned the present ruling dispensation of its ill effects in the Lok Sabha calling it a monumental mismanagement ,organized loot and virtual plunder. He had predicted 1 to 2% loss to the GDP when all the parameters were in favour of the Govt.
But unfortunately, the Govt did not pay any heed and made fun of him by saying that the Harvard trained experts talked in the air and surge in economy came only by hard work. They stated aims of the move, according to the Govt, were to end corruption, to put a curb on black money, to end funding to the insurgents in J&K and Maoist ‘s in other parts of the a country and to wipe out the fake currency. It was claimed that 2.5 to 3 lakh crore of the currency would not come back and it would result wind fall benefits to the country. The Country paid a very heavy cost.
He pointed out that the report released by the RBI raises some pertinent questions. If 99.3% have come back to the Bank and if we add to it the notes with NRI’s and with the neighbouring countries of Nepal & Bhutan, it almost becomes 100 %. Does it mean that there was no black money in the country or if there was some black money, has it been made white.
Sharma, former president Chamber of Commerce and Industry Jammu asserted that he had interacted with various members of business community who complained that they have seen the worst phase in their business activity.
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