The winter session of Parliament started today, with the topic of discussion being the current initiative of Modi government to demonetise the currency notes of Rs 500 and Rs 1000 denomination. Since it has rattled most of the politicians who have stashed tonnes of black money in form of high denomination notes of Rs 500 and Rs 1000, they have been persistently spreading multiple lies to mislead people and cause a widespread discontent against this initiative so that government rolls back the scheme. Today, Shri Piyush Goyal, who is a chartered account, an authority in the matters of finance and economics, and undoubtedly one of the greatest performers in the Modi cabinet, busted all the lies and propaganda being spread. This is his point by point rebuttal to the lies being spread.
- Lie : Modi govt is shielding people having unaccounted wealth in Swiss Banks
Various opposition parties have been spreading lies that the government is shielding 640 people from India whose names have come up in the list of people having unaccounted wealth. The usual rhetoric used by them is why does the government not release the names of those people in public domain ?
Under the historic treaties signed between India and multiple nations during G20 summit, PM Narendra Modi convinced all the nations to share real time information regarding transactions taking place in these countries. It means if someone deposits a large sum of money in a foreign bank, Govt of India will receive real time complete information about the transaction and the person making the transaction. In return, govt of India is bound NOT to reveal those names to public. The names can only be given to the Supreme Court and concerned authorities, after which actions will be taken accordingly. If government reveals any of the names to public, India will stop receiving real time information of people who deposit unaccounted wealth in foreign countries.
- Lie : Modi govt did the stunt of demonetisation for political gains
An opposition leader tried to mislead the people by saying that there are multiple voices within the government and no one has any agreement on the amount of fake currency and black money under circulation. Piyush Goyal beautifully countered the lie. This is what he had to say.
The Finance Minister only presented the data on the suspected amount of “counterfeit currency” out of the total 500 and 1000 rupee notes in circulation. Finance ministry did not present any estimate on the amount of black money present in the system in form of these notes. Shri Piyush Goyal said that government has figures of total currency in form of Rs 500 and Rs 1000 denomination currently in the market. Once people deposit their money by 30 December 2016, it will be clear what fraction among it is unaccounted ‘black’ money.
- Lie : Modi govt is protecting corrupt businessmen
Modi govt is always accused of protecting businessmen and corporates, and often falsely accused of crony capitalism.
If Modi government had any intention to protect the businessmen, government might not have taken this initiative of demonetisation as it is mostly the businessmen who do most of the transactions in cash to evade taxes by not accounting for them. Shri Piyush Goyal said that many corrupt businessmen pay the labourers and daily workers in cash so that they can get away by paying less than minimum wages. The demonetisation will encourage people to pay in cheques and drafts, and thereby protect the interests of poor daily wage earners. At the same time, it will lead to transparency.
- Lie : The usual rhetoric – This step is anti-poor, anti-farmer
This card of aiming the govt by invoking anti-poor, anti-farmer is nothing new. Lies have been spread that Modi has taken this step to tax the women, farmers and daily wage earners.
There is NO tax till the deposits of Rs 2.5 lakhs. So, there is no question that the government has taken this step to tax the poor common man. Even if the deposit is more than 2.5 lakh, there is NO TAX if the money has been earned by legitimate means and the source of the income can be justified. In fact, this step will help more and more poor people to become a part of the transparent banking system and contribute to a better economic growth.
- Propaganda – Modi has taken this step because of UP elections
Leaders of Samajwadi Party and BSP have been accusing the government of taking this step because of scheduled UP elections.
Shri Piyush Goyal, taking a jibe at the SP/BSP leaders, said that if such is the case, it implies people are supporting BJP and PM Modi for this initiative and that’s the reason why opposition parties are afraid ! He also added why certain people are against this move is totally known by the public and the mood of public, despite facing hardships, is with the Prime Minister.
Shri Piyush Goyal made a highly insightful and informative speech in the Rajya Sabha today ! Here is the link to the full speech