Saturday, 26 August 2017

DEMONETIZATION - THE BIGGEST SCAM OF INDIA

In less than 3 months, WE THE PEOPLE OF INDIA are going to celebrate the 1st anniversary of the demonetization of Rs.500/- & Rs.1000/- currency notes. Many mega claims of deposit of demonetized currency such as, “these much lakh crores” etc. were made by the Prime Minister, Finance Minister, etc. right from the day one of the demonetization. However, the erudite and efficient RBI Governor on 12-7-2017 made a statement to the Parliamentary Committee that the demonetised notes deposited after the demonetisation was still being counted. This revelation prima facie go against the huge claims of the Prime Minister and others about the deposit received on account of the demonetization. Whether it means, Government of India is running the business without any knowledge of the money in its account. These are the old currency already replaced either by new currency or by crediting the value in the accounts of the respective depositors. So there are two ways to calculate the amount, either what is received or what is paid. So who is telling lies to the Parliament, Governor of Reserve Bank of India or the Prime Minister/Finance Minister of India? If so for what purpose?

The main issue projected by RBI for not releasing the final figure of demonetization is non completion of counting of currency. It is only a lame excuse and with a purpose to divert attention. Money is already collected by the banks by counting and equal amount is also credited to the respective individual account or returned in cash. Here only a reconciliation problem may occur. But in this digital era, that much time is not required for reconciliation.

Therefore, the real issue could be to accommodate black money of big sharks. It can also be corroborated with the recent incidents of seizure of demonetized currency in bulk while in transit. What for these demonetized notes are being transported? To be sold as waste paper? It is being transported with a clear purpose. The more possible purpose could be to put it into the account through back door at higher level to avoid notice because at lower level it would be leaked out and the names of big sharks would be out. If the account is closed and final figure is out, this plan could not be executed. Therefore, there is possibility that this could be the biggest scam of India.

If the claim of the RBI that the money deposited till the end of December2016/March2017 is not yet counted is accepted, then the financial accuracy of the budget and appropriation is at risk similar to the fodder scam and security scam went on without notice for a long time due to lack of timely reconciliation of accounts.

A similar exercise done earlier was during the previous Government is elaborately described in chapter 4 of my book “A FRAUD IN THE INDIAN CONSTITUTION” of which a copy is available with the Finance Ministry : http://www.publiccause.manjaly.net/2016/09/list-of-complimentary-copies-of-my-book.html 

In this regard, my earlier blogs listed below may also be referred to:
    1. http://www.publiccause.manjaly.net/2017/07/demonetisation-effect.html
    2. http://www.publiccause.manjaly.net/2016/12/pm-address-to-nation.html
    3. http://www.publiccause.manjaly.net/2016/12/failure-of-currency-demonetisation.html
    4. http://www.publiccause.manjaly.net/2016/11/religious-places-can-be-misused-to-make.html
    5. http://www.publiccause.manjaly.net/2016/12/new-corruption-bill.html



 



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