IT&Software

Demonetisation a Moral Anti-Black Money Drive, 2G Was Loot: Arun Jaitley

Demonetisation a Moral Anti-Black Money Drive, 2G Was Loot: Arun Jaitley

"I repeat, this was organised loot and legalised plunder", Manmohan Singh said while addressing a gathering in Ahmedabad, Gujarat.

Mounting a powerful defense of the demonetisation measure created to curb black money, Finance Minister Arun Jaitley on Tuesday said that note ban can not be a one-stop solution to cleanse all corruption, but it did give a "new direction" to economic and financial decisions.

Singh said that as the then finance minister, he had stepped forward to provide the funding from the Centre.

The Finance Minister said one of the important objectives of demonetisation was "to make India a less-cash economy and thereby reduce the flow of black money in the system".

Taking on the Congress over the issue, Jaitley said the previous Congress governments never took any big step against black money.

On the eve of the first anniversary of the note ban move, Singh launched a fresh bout of criticism against Modi government to discontinue currency notes of Rs 500 and Rs 1000. "This twin blow (GST and note ban) is a complete disaster for our economy, it has broken the back of our small businesses and traders". He pointed out: "Along with demonetisation, GST has sown a deep rooted fear of tax terrorism amongst the business community".

The fear of tax terrorism has further eroded the confidence of businesses to invest, he said adding that growth in private investment was at a 25 year low. For that we have to achieve 35% of growth rate per year.

In pre-2014, you are being considered as an economy impacted by policy paralysis where the alphabet I (that stands for India) was being threatened to be knocked off BRICS.

More news: Nigerians allegedly sexually abused, murdered at Mediterranean Sea
More news: Former Trump adviser Carter Page met Russian officials in 2016 Moscow trips
More news: Former Phillies pitcher Roy Halladay killed in Florida plane crash

"I began today with a heavy heart".

A total of 18 Opposition parties have made a decision to observe November 8 as "Black Day" with protests and rallies across states to highlight "the cash crunch and economic slowdown", with Congress vice-president Rahul Gandhi meeting industrialists in Gujarat's Surat to highlight their "woes".

According to Singh, demonetisation is a creeping culture of erosion of institutions in other spheres and has hit the very existence of few recognized institutions in India. In the textile hub of Surat alone, 60,000 looms have been discarded since July. The impact in the rest of the country is equally bad if not worse'.

He further cited examples of ceramic sector and industry sectors in various parts of Gujarat and how the domestic sector's inability to meet with demand has led to increasing import from China. "During the same period in fiscal 2017-18, the imports from China increased to Rs 2.41 lakh crores", he said.

"Unprecedented growth of imports by over Rs.45,000 Crore, a 23 per cent increase in a year can be attributed largely to demonetisation, GST", he said.

Jaitley's comments came shortly after former prime minister Manmohan Singh yet again called demonetisation a monumental blunder. He mentioned that the bullet train project will neither benefit five crore Gujaratis nor the nation as a whole. "Did PM consider alternative of the high speed train by upgrading broad gauge railway?", said Singh.

"Is everyone who questions the outcome of demonetisation and GST a tax evader?" "By questioning bullet trains, does one become anti-development?"

"If the impact of demonetisation was that huge on informal sector, there would have been social unrest", Jaitley said, adding any adverse impact of the two back-to-back reforms " GST and demonetisation" were "almost behind us". His remarks come ahead of the assembly polls scheduled in Gujarat on December 9 and 14.


  • Marvel Comments On Brian Michael Bendis' Departure

    Marvel Comments On Brian Michael Bendis' Departure

    A majority of the most popular writers and artists working in comics today have plied their trade for both Marvel and DC Comics . It will be interesting to see who will be replacing Bendis in the four titles he is now writing and when they will come.
    Watch Dogs will be free on PC for a limited time

    Watch Dogs will be free on PC for a limited time

    Ubisoft has even implemented a pre-load section so that you can download the game today and play it tomorrow when the deal begins. Of course, by the time Watch Dogs 2 came out the shine had come off, and sales dropped significantly .
    Tyrese begs for help, Will Smith gives him $5M

    Tyrese begs for help, Will Smith gives him $5M

    The Smith and their entire family have always been there for the Gibson... "Uncle Will you're an uncle for real....", Tyrese added.
  • Communities Who Depend on Affordable Health Insurance

    Communities Who Depend on Affordable Health Insurance

    Capierseho attributes the rate increase to President Trump cutting off cost-sharing reduction subsidies to insurance companies . The Post's article quoted one state official who said this year's numbers may even set a record, and it's "a big surprise".
    Try Not to Drop That iPhone X

    Try Not to Drop That iPhone X

    And where Apple charges a fee of between $319 and $399 for any other damage to the iPhone 7 and 8 range, the X costs $549. You can read the full report at the link below! Torch the iPhone X with a lighter, however, and it'll die within seconds.
    Army jawan martyred, 3 terrorists gunned down in Pulwama encounter

    Army jawan martyred, 3 terrorists gunned down in Pulwama encounter

    In occupied Kashmir, Indian troops in their fresh act of state terrorism, martyred three youth in Pulwama district, this evening. As the forces were conducting searches in the area, they were fired upon by the hiding militants triggering an encounter.
  • New Champion Crowned On Smackdown Live (SPOILERS)

    New Champion Crowned On Smackdown Live (SPOILERS)

    There's still plenty of time for him to win the title back, of course, but as of right now, the champion is The Phenomenal One. Mahal won the title on May 21, defeating Randy Orton and has continued his title reign for longer than most expected.
    Target Releases Black Friday Ad, Offers Early Access Deals

    Target Releases Black Friday Ad, Offers Early Access Deals

    Kmart will open its doors at 6:00 PM local time on Thanksgiving, with doorbuster deals lasting until 2:00 PM on Black Friday. There will also be online deals the weekend after Thanksgiving with free shipping on everything.
    Wentworth Miller Shooting His Last Episodes Of Flash and Legends of Tomorrow

    Wentworth Miller Shooting His Last Episodes Of Flash and Legends of Tomorrow

    Miller joined the Arrowverse in 2014 for the first season of The Flash , where he debuted as Captain Cold in "Going Rogue". Snart was soon partnered up with Mick Rory, aka Heat Wave, played by Miller's old Prison Break co-star, Dominic Purcell.
  • Guardiola Counts Blessings, Declares Himself Lucky To Be At Manchester City

    Guardiola Counts Blessings, Declares Himself Lucky To Be At Manchester City

    Arsenal midfielder Mesut Ozil is capable of matching Manchester City's attacking stars, according to manager Arsene Wenger. A 24th loss against Arsenal would equal City's record number of Premier League defeats against any side.
    A look at damage in Erie County where a tornado touched down

    A look at damage in Erie County where a tornado touched down

    The tornado, with winds of about 100 miles per hour , touched down in Oxford Township, which is south of Sandusky. Sheriff Branham says damages were from Popcorn Road, north of Springville, in a straight line east to Hayes Road.
    Afghanistan Government Attempts to Temporarily Block Telegram & WhatsApp

    Afghanistan Government Attempts to Temporarily Block Telegram & WhatsApp

    Some Kabul residents suggested that government should boost its control over social media platforms instead of banning some of them.