‘ RBI should explain DeMo benefits’
Vice- president M. Venkaiah Naidu on Wednesday said that the Reserve Bank of India ( RBI) should soon tell people about the benefits derived from demonetisation and the amount of black money deposited in the banks after the announcement was made to scrap high- value currency notes.
He said the aim of demonetisation was to check corruption and get the entire money in circulation into the banking system, including the money kept in “bedrooms, bathrooms or under the pillows.”
“Some people are asking, what was the benefit if all the money had reached the banks... The aim of demonetisation was to get the entire money into the banks... How much of that money was black and how much white, that is the job of the RBI ( to ascertain). The RBI should complete the work as soon as possible and tell the people ( about it). They ( people) went through a lot of pain for 50 days to withdraw money ( from ATMs). They have to be explained as regards — these were the advantages, this much money was official, this much money was not official, these many people came under the tax system,” Mr Naidu said.
He added that if the people were informed about these aspects, their confidence in the system would grow.
The vice- president was addressing the 12th annual convention of the Central Information Commission ( CIC) here.
Mr Naidu also pitched for holding Lok Sabha and state Assembly elections in the country simultaneously, and said the political parties should “seriously” think about it.