Monday, November 21, 2016

Re: [IAC#RG] BJP high ups get new money first, + RBI selective leaks


Dear Sh. S. Roy,
Ref you e-msg of 18/11.
As things are unfolding , it is increasingly become clear that the Govt. has  messed up in executionpossible for the reason given by you.
It is also becoming clear that the earlier Govt. had thought of it but gave it up and instead opted for step by step measure to achieve the desired result on the strong objection of the RBI and concurrence of the then finance minister.
2. This Govt. should have at least let people know how much black money and counterfeit currency was was found when the pre2005 notes were made invalid.
3. Now the Govt. is dishing out figures ofhigh increase in 500 and 1000 Rupee notes between 2011 and now. But they conveniently forget that inflation since 2010 has eaten into the value of the currency specially after heavy dose of deficit financing resorted to by the earlier Govt. in the wake of 2008 bubble burst.
4.Some people are objecting to the criticism of the Govt. on this issue. While no one questioning the motive,it is the execution part and the trouble people are facing. If the Govt. is wrong somewhere it must be criticised  on this forum.
5. Some people may not like it but the truth be told. The PM as the leader of Lok Sabha should be present when the Parliament is in session and defend his Govt. decision. So far he has not attended and a logjam has been created. The same Prime Minister when he entered  the Parliament for the first time paid deep reverence to the hallowed institution. What has changed between then and now
? Let us support the PM when it is due but also criticise when necessary.
There has always been a gap between policy announcement and their implementation. If the fault lies with Babus or Minister, ultimately the buck will stop at the top.Regds JK

From: <> on behalf of Sarbajit Roy <>
Sent: Friday, November 18, 2016 10:29 PM
To: indiaresists
Subject: Re: [IAC#RG] BJP high ups get new money first, + RBI selective leaks
Dear Shri Gaur,

I will reply to your following query.

"Earlier the previous Govt. had asked all currency notes prior to 2005 to be changed and gave enough time and people complied. Why can't they do the same?  "

The info available to IAC is that this step of demonetisation was actually to take place in Jan-Feb 2017 and timed for elections. The plan was for 2,000 notes to be printed in large nos and the Rs. 500 to be printed in bulk by then.

However, the plan was leaked around 25th Oct onwards. A massive PR exercise was launched to contain the damage in the media, however, some channels like NDTV-India (or their editors) refused to submit - we know what happened next - they were banned on flimsy pretexts.

Therefore Team Modi was left with no option but to prepone this by 10 weeks.without sufficient notes in stock. The Govt is fast running out of cash. From Monday limited quantities of Rs. 500 will start coming in just to fool the public.

Small / Medium Industry is grinding to a halt without working capital, Workers are going back to native place and since no money is being remitted home they prefer to be with family.

It is now a very interesting time because anything can happen. You can see that IAC has always been 2 days ahead of the news.


On Fri, Nov 18, 2016 at 4:16 PM, Gaur J K <> wrote:


Both points mentioned by you are relevant in the present context.

1. Can anyone believe that a decision taken ten months ago would remain secret from the  Senior politicians and the

 senior officials in the Ministry of Finance and RBI. It also means that the former Governor Raghuraman was also aware and either he did not agree so left or pushed to leave to make room for the present Governor who was not only working for Reliance group but also Kenyan born . The Governor has either been asked to keep low profile or the role of RBI has been taken over by the Ministry of Finance( Revenue secretary who has been briefing from the day the Scheme was announced. 

2. It is not reasonable to believe that BJP as a political party receives all funds from individual or corporate donations through cheque and there is no cash components. If you see the trend of discussion in Parliament,all opposition political parties speak of the selective leakages.

In Mumbai what the Shiv Sena chief has said is very true. The common man is suffering the queue in the banks continue to be long whether SBI or HDFC the Senior citizens included. In short it is very badly planned and managed scheme. Earlier the previous Govt. had asked all currency notes prior to 2005 to be changed and gav enough time and people complied. Why can,t they do the same? 

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