Ghost of demonetization haunts Government, RBI: Chidambaram
New Delhi, April 18: Former Finance Minister P. Chidambaram on Wednesday attacked the government and the RBI over the acute cash crunch in the country and said the ghost of demonetization has come back to haunt them.
He also needled the government on the recent bank scams, saying people appeared to have lost confidence in banks.
"I suspect ordinary people are withdrawing cash but not putting back into the banks their surplus cash. It is possible that there is some loss of confidence in the banking system, thanks to the bank scams.
"After demonetizing 500 and 1,000 rupee notes, government printed Rs 2,000 notes! Now, government is complaining that Rs 2,000 notes are being hoarded!! We always knew that Rs 2,000 notes were printed only to help hoarders.
"The ghost of demonetization has come back to haunt the government/RBI. Why are ATMs still bring re-calibrated even 17 months after demonetization?" Chidambaram said in a series of tweets on the reported shortage of money in banks in some states.
"Cash is back with a vengeance," says Navrose Dastur, MD, NCR Corp, India. "I support digitization, but government cannot force the pace of digitization or arbitrarily reduce the supply of cash.
"Is it correct that currency in circulation has increased by only 2.75 per cent since demonetization? If so, I maintain that government/RBI are not allowing money supply to grow at the same rate as the nominal GDP.
"I also suspect that RBI seriously miscalculated demand for cash in the post-harvest season," he said.
"RBI's statement is unsatisfactory. If RBI has printed and supplied sufficient cash, it must explain why there is a cash shortage."
The RBI on Tuesday said that there is "sufficient cash" in its vaults and currency chests and it is "taking steps to move currency to areas" which have witnessed unusually large cash withdrawals.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Where is Priyanka Gandhi? Her voter lynched in Mangaluru, still no response
A voter from Wayanad, the very constituency that elected Priyanka Gandhi to the Lok Sabha with a record margin of over four lakh votes, has been brutally murdered in Mangaluru. Yet, there has been no statement, no visit, and no visible intervention from the newly elected Member of Parliament.
Ashraf, a mentally ill man from Wayanad, was reportedly lynched by a mob of Hindutva activists on the outskirts of Mangaluru. Eyewitness accounts suggest that he was chased and beaten mercilessly, despite some locals pleading with the attackers to stop. However, the police allegedly attempted to suppress the nature of the crime, initially dismissing it as a case of drunkenness or an accident. Bruises on Ashraf’s body were ignored, and for two days, the case was handled with silence and negligence.
It was only due to consistent media reporting and the voices of political and social leaders that the truth began to emerge. It is now widely believed that around 30 individuals were involved in the brutal assault on Ashraf. The attempt to hush up the murder has drawn serious questions about the functioning and intention of the police.
Adding to the controversy, Karnataka Home Minister Dr G Parameshwar claimed that the attack happened because Ashraf allegedly shouted “Pakistan Zindabad.” This statement has further derailed the investigation, critics say. It has triggered outrage across Karnataka, with many asking how the Home Minister had access to information about such a slogan but did not know the basic fact that Ashraf was mentally unwell.
Even more disturbing is the silence of other senior leaders. The District In-charge Minister Dinesh Gundu Rao's reference to Ashraf as someone from a “different community” has also sparked public anger. Citizens are asking how a Muslim man from Wayanad can be referred to as a non-Muslim. The statement has only added to the confusion and suspicion around the case.
Now, Ashraf’s family has taken his body back to Wayanad. And the questions remain unanswered: Will Priyanka Gandhi visit Ashraf’s home? Will she express solidarity with his grieving family? Will she demand that the Karnataka government take strict action against the killers?
The voters of Wayanad are watching. Will Priyanka Gandhi call Karnataka’s Home Minister and question him about his controversial statement? A statement that mirrored the claims made by the very people accused in the case? Since when did statements made by the accused become the basis of public messaging in a murder case?
Will the Wayanad MP hold the Congress government in Karnataka accountable for failing to act promptly? Will she ask why neither the Chief Minister nor the Deputy Chief Minister has spoken on the matter?
The Congress came to power in Karnataka promising justice, equality, and safety for all communities. Karnataka’s Muslim voters, especially, placed their faith in the Congress by turning away not just from the BJP but also from the JDS. What are they being given in return?
At a time when Priyanka Gandhi should have been standing with her constituents and in Parliament against the Waqf Amendment Bill, she was reportedly abroad during the passing of the Waqf Amendment Bill. Many now wonder if this absence is a convenient escape from politically sensitive issues.
If she is back, it is time for her to act. The family of Ashraf, a man from her own constituency, deserves justice. Every single accused in this lynching case—from those who carried out the violence to those who orchestrated it—must face the maximum punishment under the law.
If not, it will not just be Ashraf’s family, but the entire electorate of Wayanad that will be left questioning: why did Priyanka Gandhi contest from their constituency where the party ticket was to be given to a Muslim party worker?
