Congress on Monday said the intention of Narendra Modi's government to force the Reserve Bank to part with Rs 3.6 lakh crore from contingency reserves of "Demonetisation-II", predicting it would hurt the economy as much as a November 2016 decision was made.
"Modis-made accidents from demonetisation shave 1.5 percent of India's GDP and greatly downplay the RBI's institutional autonomy," spokesman Abhishek Singhvi said.
"Now the Prime Minister is planning II-Demonetization which will once again reduce 2 percent of India's GDP in one shot. Also, the demand for Rs 3.6 lakh crore from RBI reserves is illegal and unethical. "
Singhvi added: "The government provides unclear arguments to mislead. What is the meaning of improving the right economic framework? A spider web of fraudulent narratives, which has despotism and ignores institutional integrity, is being carefully woven by the government, thus seizing family silver in the election season, to offer voters and voters to provide pillows for voters. crony capitalist. "
The government has said it does not want to force the RBI to transfer Rs 3.6 lakh crore to fund spending in an election year. "… Only the proposal being discussed is to improve (an) appropriate economic economic framework for RBI," Subhash economic affairs secretary Chandra Garg tweeted last week.
Singhvi said senior finance ministry officials were forced to write teenage tweets to mislead people. "In the late 1990s, the deputy governor of Y.V. Reddy has appointed the V. Subrahmanyam committee to discuss the issue of minimum emergency funds that must be guarded by the RBI to meet emergency requirements. The Committee recommends 12 percent of RBI assets …
"In the UPA government, this question was further studied by Y.H. Malegam Committee, which does not prescribe certain minimum requirements. When the (other) committee recommendations of Malegam began to be applied in the second half of UPA-II, the RBI regularly transferred higher amounts (Rs 40,000 to Rs 50,000 crore) from year to year. As a result of demonetisation, the amount of dividends fell to only Rs 30,659 crore in 2017-18 compared to Rs 65,876 crore in 2016-17 in the previous fiscal. "
Congress shows that reserves are now almost 6 percent. "The evil power of the Modi government seeking joint control over the management of reserves will be detrimental to the RBI's institutional autonomy," Singhvi said.
"This RBI fund will be used by the government to recapitalize public sector banks, the failure of the PSU, thus benefiting crony friends in the election season."
Asked about Modi's comments at the election rally in Chhattisgarh that Sonia Gandhi and Rahul Gandhi had been forced to seek guarantees due to demonetisation, Singhvi said: "We do not need to respond to all vulgar comments but this is made by the Prime Minister. The emperor of lies has told another lie. What is the connection between the fake and vindictive case of the National Herald with demonetisation? We are used to fighting fake cases since the British era; we cannot be driven away by any revenge. "
Singhvi added: "Why did the Prime Minister not answer specific questions relating to demonetisation? How much money is saved in an Ahmedabad cooperative bank? How in some reports of government blue-eyed boys, large numbers stored only around demonetisation? He must answer the question rather than issue a sad and empty threat. "