Govt is greedy wants to grab RBI reserves says P Chidambaram

  • | Monday | 12th November, 2018

INDORE: Senior Congress leader and former finance minister P Chidambaram on Sunday said the BJP government is "desperately eyeing the reserves of RBI" after having failed to get money out of notebandi. Because the GST collections are short of target, net direct tax collection is short of target, fiscal deficit of 3.3 will not be met. It wants to grab the reserves. On Sunday, Chidambaram said that after demonetisation, the NDA government was expecting Rs 3-4 lakh crore but it got nothing as 99.3% of the currency came back to RBI. People were forced to borrow, and thousands of MSMEs were shut down.”GST needs to be completely redesigned, he said.

INDORE: Senior Congress leader and former finance minister P Chidambaram on Sunday said the BJP government is "desperately eyeing the reserves of RBI" after having failed to get money out of notebandi."This is a greedy government. It wants to grab the reserves. That I think is dangerous," said Chidambaram. "In four and a half years, this was not the problem. They did not want the reserves. Today, when they have effectively got four months to go for elections December to March, they are eyeing the reserves of RBI," Chidambaram, who is on a campaign tour of Malwa , said.In a tweet on Saturday, he had asked: "NDA government has competed four years and six months of its term. It has effectively four months left. What is the tearing hurry to 'fix' the capital framework of RBI?" On Sunday, Chidambaram said that after demonetisation, the NDA government was expecting Rs 3-4 lakh crore but it got nothing as 99.3% of the currency came back to RBI. "Today, the government is desperate for money. Why? Because the GST collections are short of target, net direct tax collection is short of target, fiscal deficit of 3.3 will not be met. They also want money because this is an election year and they want to spend," he said.R BI reserves have already been capped as the central bank is transferring its entire profit for the past four years to the government, the former finance minister pointed out, adding that the Modi government is “incapable of handling the NPA crisis”.Attacking the government on notebandi, Chidambaram said: “Demonetisation derailed the economy and the immediate aftermath was the loss of millions of jobs. People were forced to borrow, and thousands of MSMEs were shut down.”GST needs to be completely redesigned, he said. “The new government at the Centre must reintroduce a true GST that will promote growth of trade and business and export, unlike the distorted version of BJP’s.”

If You Like This Story, Support NYOOOZ

NYOOOZ SUPPORTER

NYOOOZ FRIEND

Your support to NYOOOZ will help us to continue create and publish news for and from smaller cities, which also need equal voice as much as citizens living in bigger cities have through mainstream media organizations.


Stay updated with all the Latest Indore headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.

Related Articles