Congress guns for RBI head’s scalp

DE-MON DISORDER

TPCC President Uttam Kumar Reddy alleges that India’s wheel of development came to a standstill due to demonetisation

Hyderabad: The Congress party on Friday demanded the resignation of RBI Governor Urjit Patel for the mess created in the name of demonetisation. Addressing a huge gathering of party workers at RBI on Friday, the TPCC President N Uttam Kumar Reddy said that RBI’s autonomy and statutory powers have been subjugated and compromised and the responsibility lies at the doorsteps of RBI Governor for this erosion of credibility.

• Memorandum to RBI Regional Director submitted
• Demands an apology from Modi government and compensation to the families of deceased

RBI Governor must forthwith resign by taking responsibility for the ‘demonetisation mess’ and as also permitting Modi Government to encroach upon the jurisdiction of RBI rendering it as a mouthpiece of the government, he said. Reddy who submitted a memorandum to the RBI Regional Director R Subramanian said that time demands the RBI’s autonomy as India’s financial regulator be restored forthwith.

The memorandum said that people should be granted the 'right of withdrawal of own money’ by lifting all restrictions. RBI and Modi Government should issue a ‘white paper’ and answer all the questions and demands raised by the Congress party on behalf of the people
of India. The TPCC Chief alleged that the unwitting decision of demonetisation has pushed 125 crore people of India into a web of humungous problems and difficulties.

"India's ‘wheel of development’ has come to a standstill as crores of people were made to line up in front of banks and ATMs for the last 70 days by giving up their day-to-day livelihood. Demonetisation has turned out to be a surgical strike on India’s poor, farmers, labours, shopkeepers, small businesses, middle class and the entire unorganised sector.

An autocratic Prime Minister, Narendra Modi, bloating over the arrogance of numbers and a captive RBI, has plunged the country into a state of ‘economic anarchy’, wiping out people's earnings and by creating a colossal sense of fear and insecurity," he said.

Uttam Kumar Reddy demanded that the Modi Government should unconditionally apologise to the families and nation for 120 deaths which were caused due to demonetisation. He said special provision should be made for payment of compensation to the families of the deceased.

"RBI, Finance Ministry and other departments of Government have changed the rules and directives on demonetisation 138 times in 70 days. RBI alone has issued 78 notifications of ‘rule change’ in 70 days making people term it as ‘Reverse Bank of India’. Does it not reflect absolute lack of comprehension and unpreparedness on part of RBI? Truth is, confusion confounds RBI and Modi government completely," he said.

The TPCC Chief also pointed out that the new notes of Rs 500 and Rs 2000 have no new security features. Further, new Rs 500 currency notes have been printed in three different types on account of an error as admitted by RBI
itself.
"Do RBI and Prime Minister take responsibility for the same? Will it not lead to counterfeiting of currency by those spreading fake currency in India?" he asked. He also sought clarification and statistics on how demonetisation has curbed black money. Earlier, Uttam Kumar Reddy led a massive rally in which CLP leader K Jana Reddy, Leader of Opposition in Council Mohammed Ali Shabbir Ali, TPCC Working President Mallu Bhatti Vikramarka, and other senior leaders took part.