MODI’S BANKING POLICY : INDIA’S LOSS     BUT MODI’S GAIN- prabhakar sinha  .

MODI’S BANKING POLICY : INDIA’S LOSS BUT MODI’S GAIN- prabhakar sinha .

prabhakar sinha

It is no more in doubt that demonetisation has badly hit India .99% of the Rs 1000 and Rs 500 notes , which were made illegal have returned to the RBI , which means there was almost no black money in the form of those notes .The RBI could give only a little over Rs 30 thousand crore to the government in 2016 -17 (from its profit ) against more than Rs 60 thousand crore it gave last year .In fact , the RBI has been contributing much more during the previous years .The GDP has also fallen from 6.1 to 5.7 this year .The demonetisation has also caused loss of a few crore jobs .Thus , India is an all round loser .

But Modi is still a winner though at India’s cost .He has been completely committed to his alliance with the corporates to pursue his politics and win elections with their money .The irrefutable evidence of this alliance was there for all to see in his thrice promulgated ordinance to acquire land to give to the corporates for a song .He has already introduced changes in the electoral laws regarding the funding of the political parties by the corporates to receive money from them in complete secrecy .The law ,he has introduced, has removed the restriction that the companies may contribute to the political parties only from the profit they make .The proposed law also removes the restriction that they can contribute only upto 7.5 of their profit .The obligation to disclose the names of the parties to which the contributions have been made has also been dispensed with .Under Modi’s proposed law , the companies may contribute unlimited amount without the knowledge of the people .Since the companies may contribute to the political parties even without making any profit, shell companies would act as a conduit for black money as well as money from foreign sources .

To facilitate receiving money from his corporate allies in absolute secrecy , Modi has introduced Electoral Bonds . Now , his corporate chums may buy electoral bonds and fund his politics without anybody’s knowledge .The proposed law provides that the identity of the donors and the recepient parties of the donations will remain sectet .Where there is secrecy, there is sin .Modi is determined not only to honeymoon with the corporates but to keep his illegitimate anti-national alliance with them from the knowledge of the people .This illegitimate alliance is the greatest menace to India’s democracy and her future.

Arun Jaitley has claimed the return of 99% scrapped notes to the banks as a major gain .According to him , the coming of all the money in the formal (i.e. banking ) system is going to boost the economy .Now, that this money has come to the banking system , Modi would be allocating this money to his capitalist allies and cronies .His obsession with a cashless transactions also has this sinister objective . It is already an offence to keep more than Rs 2 Lac in cash even of one’s white money. No sale or purchase of anything worth more than Rs 2 Lac is legal .Thus , the people are being forced to put all their money in the banks for the use of Modi’s rich allies . The Savings Account holders of the State Bank of India are forced to maintain a minimum of Rs 1000.00.Rs 3000.00 and Rs 5000.00 in their accounts (Rs 1000.00 in rural areas , Rs 3000.00 in non-metros and Rs 5000.00 in metros ).The account holders who fail to maintain the minimum balace have to pay a fine , which means that the amount specified as the minimum balace is not of any use to the account holders .It is as good as not having that money .As if it is not enough of punishment , the interest on the savings account has already been reduced by .5 %.The policy of the government is to reduce interest on Fixed deposits also .In our country , the interest on the money in the bank accounts is an indispensable source of sustenance to the millions from the middle class and many from the lower class. Modi is determined to force the people to put all their money in the banks , reduce interest on it to lend it to his rich allies at reduced interest rate . He is determined to loot and plunder the common citizens to satisfy the insatiable lust of his rich allies and cronies ..

Modi’s sinister alliance with the rich, with the common man footing the bill, is going to destroy India’s already emaciated democracy and plunge her into a nightmarish future .

prabhakar sinha

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