Courtesy Usha Pandit
The Masterstroke Policy of Demonitisation:
The media is hailing Modi’s demonitisation of old 500 and
1000 Rs notes as a masterstroke policy on curbing the menace of black money.
Really?
Hmmmm.
Lets have a look into a few figures.
*What if I told you that total Bad Loans of Indian Banks
right now is close to Rs.6,00,000 crore.
_* What if I told you that PSU Banks are in a miserable
condition right now, and need immediate infusion of money to shore up their
lending capacities?
_* What if I told you that few weeks back credit rating
agency Moody’s had stated that Indian Banks require Rs.1.25 lakh crore capital
infusion?
_* What if I told you that in July 2016 the Centre injected
23,000 crore into 13 Public Sector Banks?
_* What if I told you that Jaitley said it in 2015 that the
Centre would pump in more than 70,000 crore in PSU in coming 4 years?
And
What if I told you that this demonitisation is nothing but a
measure to infuse money in those ailing Banks so as to shore up their lending
capacities?
Can’t you see people queuing up banks to deposit their hard
earned money, waiting hours for their turn?
What other “Masterstroke” would have made this possible?
Just trigger the panic button by stating that your old 500
and 1000 rupees currency is no longer a valid legal tender, and Voila !!!
People are queuing up since morning to deposit their hard
earned money.
What for?
To curb the menace of black money? By bringing in new
Rs.2000 note?
You don’t curb black money by bringing in notes of higher
denomination.
In fact, you are now simplifying hoarding of black money by
bringing in new notes of higher denomination.
Ok. So what would banks do with the fresh infusion of money
from public pockets?
Lend of course. That’s what their business is.
And to whom would these banks lend their money to?
You? Me?
So sweet of you
You are in the deposit queue dear.
The following are in the withdrawal queue:
(note: the figures in bracket are their present repayable
amount which they owe to various banks)
10. GVK Reddy (GVK Group) (33933 crores)
9. Venugopal Dhoot (Videocon Group) (45405 crores)
8. L. Madhusoodan Rao (Lanco Group) (47102 Crores)
7. G.M. Rao (GMR Group) (47976 Crores)
6. Sajjan Jindal (JSW Group) (58163 Crores)
5. Manoj Gaur (Japypee Group) (75163 Crores)
4. Goutam Adani (Adani Group) (96031 Crores)
3. Shashi Ruia & Ravi Ruia (Essar Group) (101000 Crores)
2. Anil Aggarwal (the Vedanta Group) (103000 Crores)
And
Finally
Anil Ambani (Reliance Group) (125000 Crores)
The govt.just carried out a surgical strike in your
pockets, and now you are running like
chickens.
That’s how crony capitalism works.
Now call me whatever you like-Marxist, Communist, Anarchist,
Congi agent,Conspiracy theorist blah blah blah…
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