Swamy: Poorly executed demonetisation drive

November 14, 2016

When the entire governance system works at low efficiency and is   not satisfactory level. In 1.3 billion people nation run on the rapid rail of cycles of economy thus  Time is money. Then how long public has to wait for their financial needs?
Swamy, also a member of BJP’s national executive, told the South China Morning Post daily that he was “appalled by the lack of preparation” in this regard by Finance Ministry. “It is easy to argue that the ministry was not in the loop, but that is no excuse for not having a contingency plan,” he was quoted by SCMP.
“Ad hoc roadside kiosks should have been set up for all and special kiosks organised for senior citizens. All these should have been planned as part of a contingency plan,” Swamy said in Hong Kong, where he will give a talk on the anti-corruption efforts in India at the Foreign Correspondents’ Club.
Finance Minister Arun Jaitley on Saturday said in a press briefing that ATMs had not been recalibrated and that it would take up to 3 weeks for all the 2 lakh teller machines in India to start dispensing the new currency notes.
Jaitley estimated that it would take 21 days to recalibrate all the 2 lakh ATMs in the country so that they are able to dispense the new bank notes.
That was little consolation for people queuing up outside banks and ATMs on Sunday amid heavy crowds and serpentine queues. A bank holiday on Monday in some parts of the country has added to the desperation of people who are running out of lower denomination notes for meeting day to day expenses.

People lining up outside ATMs on Saturday night and Sunday morning have not been able to withdraw money because the ATMs are shut or have run out of cash.
Prime Minister Narendra Modi held a meeting at his residence with the senior ministers past midnight on Sunday to review demonetisation and its impact. The meeting was attended by Home Minister Rajnath Singh, Finance Minister Arun Jaitley, Information & Broadcasting Minister Venkaiah Naidu, Power, Coal and Mines Minister Piyush Goyal and top officials of the Finance Ministry.

Last evening, after a review by the Finance Ministry, the limit of old and now defunct 500 and 1000 rupee notes that can be exchanged for freshly minted 2000 rupees and new 500 rupee notes was increased from 4000 rupees to 4500 rupees per day.

The time limit for certain categories of transactions using old series of 500 and 1000 rupee notes has been extended from midnight tonight to 24th November midnight. The categories include Government hospitals, railways and bus ticket counters, airports, petrol pumps, milk booths authorised by State governments, crematoria and Burial grounds.

Cash withdrawal limit at ATMs was hiked to 2,500 rupees from 2,000 rupees a day. The weekly limit of 20,000 rupees for withdrawal from bank counters has been increased to 24,000 rupees.The Ministry in a statement said that the maximum limit of 10,000 rupees per day on such withdrawals has been removed. The Finance Ministry has also extended the last date for submission of the annual life certificate for pensioners from November to 15th January next year.
Prime Minister Narendra Modi today asked Indians to put up with the inconvenience of demonetization for 50 days, or until December 30, in a speech in Goa.
Prime Minister Narendra Modi said there is no place for black money and corruption in the country.

While speaking in a public meeting after inauguration and launching several rail projects in Gazipur in Uttar pradesh today, he valiantly attacked on black money hoarders and criticized political parties who have been opposing his steps taken to eliminate this menace from the country.

Prime Minister said poor are enjoying sound sleep and rich are running from pillar to post. He appealed people to support his action for the welfare of poor and for the country.

On the issue of black money, he said, he understands the people’s pain and will do everything to protect them. He also poses several questions before the gathering and seek out their support.

People assembled at RTI ground in Gazipur gave applause and standing ovation on several times to support his move against black money.

He said people gave him mandate against black money and corruption in 2014 elections. Prime Minister said he is aware of problem of common people and appealed to people to give him just 50 days to eliminate black money. He applauded the bankers who are working 18 to 20 hours for the country.

Earlier, Prime Minister also flagged of shabd bhedi super-fast weekly express train from the rally’s special enclosure. He also laid the foundation and started the work of Rail cum Road Bridge over Ganga River on Mau Tadighat rail line. Midst of cheering crowed he also laid foundation for Gazipur-Ballia rail section doubling work.

Speaking on his welcome address MsS Rail and MP from Gazipur Manoj Sinha thanks Prime Minister for giving importance and carrying out new development works in Eastern UP.

Railway Minister Suresh Prabhu said enormous investment has been made for UP’s rail infrastructure development which is highest in last thirty years. MoS HRD Mahendra Nath Pandey, Health and Family Welfare State Minister Anupriya Patel State BJP President K P Maurya were also present on this occasion.

Government has set up a special task force headed by Deputy Governor of RBI to expedite the process of re-calibrating the ATMs to make them fully functional. The task force will work with different banks in this direction. Addressing the media in New Delhi about Prime Minister’s last night meeting to review the demonetisation and its impact, Economic Affairs Secretary Shaktikanta Das said, the ATM re-calibration has started and some of the ATMs will start dispensing higher denominations, including 2000 rupee notes, from today or tomorrow.

Mr Das said that micro ATMs will dispense cash through debit and credit cards and cash supply would be enhanced to 1.3 lakh branch post offices so that they are able to provide money to account holders. He said, the emphasis of the government is to activate all supply channels whereby cash is dispensed to public. He said, the government has extended use of old defunct 500 rupees and 1,000 rupees notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till 24th of this month.

ATM limit has also been increased to 2,500 rupees, however it will be disbursed only by the re-calibrated ATMs.

Saying that there is no need for public to panic, Mr Das assured that there is enough cash available in the system and situation will ease in coming days. Mr. Das informed that teams of Joint Secretaries have been formed in the Finance Ministry and they have been assigned 4 to 5 states and banks to monitor the demonetization work. He said that the government offices and Public Sector Undertakings have been asked to do all transactions through e-payment mode.

The toll tax will not be collected till the midnight of 18th November to ensure smooth traffic movement across all national highways.