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Only dictators ban currency, not democratic governments: Siddaramaiah

  • Only dictatorial governments can ban currency, not democratic, says Chief Minister Siddaramaiah.
  • Demonetisation resulted in a profit of mere Rs 40 lakh, he says.
  • If farm loan waiver has become a ‘fashion’, is not announcing waiver in UP, Maharashtra also a fashion?
  • BJP claimed it would credit Rs 15 lakh into the account of poor within 100 days of rule but not even Rs 15 has been credited.
Only dictators ban currency not democratic governments Siddaramaiah
Author
First Published Jun 24, 2017, 12:02 PM IST

Only authoritarian government can ban currency, democratic governments do not take such decisions. The Union government demonetised solely for political gains and caused grave problems to people, said Chief Minister Siddaramaiah.

He was speaking at the seminar of the effects of demonetization on cooperative bodies and movements, on Friday, organised by the State Secretariat Employees Association.

Quoting economist Nobel awardee Amartya Sen, he said democratic governments do not resort to demonetization. Only authoritarian government does. Demonetization policies mock at the economic system of the government. This has a negative impact on the economics of a nation. The Union government had defended its decision to ban notes stating its aim was to remove  corruption, black money and counterfeit currency in the country.  

Siddaramaiah questioned if black money, corruption and counterfeit notes have reduced now after demonetization.  Of the total Rs 17.6 lakh crores retrieval of old notes following ban only 40 lakhs are counterfeit. So what did the Union Government achieve by dolomitization, he critiqued.

The Prime Minister, in his speech at Goa, had said that after demonetisation all black money hoarders were shivering. In fact, the only people who were put to great inconvenience and shivered are the poor who stood in queue, small traders and farmers. More than 100 died standing in the queue; did any rich man black money hoarder die, he questioned.

The BJP announced that if it came to power it would bring black money from foreign and credit Rs 15 lakh in each poor man’s account. Till now it has not credited even Rs 15. The Statement by Union Government has become a joker’s pandora box, like they used to show in village fairs where you would pay 10 paise and show pictures in the box. BJP is also showing such a box he ridiculed.

If waiver of farm loan is a ‘fashion’, mere announcing of waiver in Maharashtra and Uttar Pradesh and not implementing is also a fashion, he said.

Congress never claimed farm loan waiver in its manifesto but it did implement it in the interest of the farmers he said.

 

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