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The ‘loot’ that Manmohan Singh spoke of

Monday, December 04, 2017

This newspaper headlines on the first anniversary of the wretched demonetisation spoke of 36 crore rupees in old notes being caught. This is a pertinent indictment of Modi and his cohorts. Let me ask a few questions:

1. Who is a fool to risk transporting Rs 36 crores in old, scrapped notes without a definite plan to have the notes exchanged for new notes? Does this not prove that it's being done, and that, too, on a massive scale?

2. After one year, RBI and our FM are bluffing us that they are still counting the old surrendered notes. Believable?

3. If the old surrendered notes are still being counted, on what basis did government tell us months ago the exact value of returned notes, saying that it was very close to the amount previously in circulation?

4. Could it be that by prematurely giving us a disproportionately large but false figure of returned notes, government has cleverly left adequate margin to gradually accommodate continuing, unofficial return of bulk cash through the back door from black hoarders after cut-off date applicable to us? And is that why we're told that they are "still counting"?

5. Could it be that black cash in bulk returned after cut-off date by numerous sources is now being exchanged at a high discount (say, only 20 per cent given back), and the difference taken by BJP to win elections, or to enrich its leaders?

6. Government deliberately created a cruel shortage of cash after demonetisation, saying that it was to induce digital transactions. Could it be that the new notes that were not given to banks in exchange of cancelled notes, were syphoned off at source for funding BJP and its top brass?

I'm only asking the questions; you may deduce the answers.
— Phiroze B Javeri, Mumbai

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