69 years of black money

BJP members speak of 70 years of black money. It is 69 years since independence. Narendra Modi became Prime Minister on 26/5/2014. It means there was black money generation under Modi government and also under Vajpayee government in 1998-2004. BJP has been in power in many states. In Karnataka, Madhya Pradesh, Rajasthan, Delhi, Uttarakhand, BJP ruled alone and in Bihar, Maharashtra, Punjab and in some other states in was in ruling alliance. In Uttar Pradesh it was once ruling party and other times in was in ruling alliance. BJP has been in power in District Councils, municipalities and panchayats.
Corruption has been all pervasive. When people pay bribes to become police officers and judges there is no hope of justice from them. Contractors pay bribes to get their work done.
Robbing rich to pay to poor is bad. Robbing poor to pay to rich is perverse. That has happened under Modi with writing off of loans of thousands of crores of rupees borrowed by corporates. Finance Minister Arun Jaitley in reply to Sitaram Yechury in Rajya Sabha said one should not go by literal meaning of written-off, the loans can be pursued and recovered. The reality that once loans are written off they are not recovered.
Many corporates borrowed money from banks and bought properties abroad. No action is taken against them. Now corporates are happy that with deposits going up interest rates will come down. Deposits are up because withdrawals are limited and difficult.
Modi government had announced an amnesty scheme for black money holders with 30/9/2016 as last date. Around 65,000 crore rupees were declared. Then Modi came up with invalidation of high denomination notes.
Modi said people with black money are taking sleeping pills and poor people are sleeping soundly. I do not know how many are taking sleeping pills but many ordinary people are unable to get their white money from banks. Exchange amount changed from 4,000 rupees to 4,500 rupees to 2,000 rupees and now stopped. One can officially withdraw 24,000 rupees in a week but banks on many days have no money and people go back. When there is money it is 2,000 rupees per person. Most ATMs have no cash.
If BJP is serious about ending black money it should make its accounts public including list of donors and the amounts donated. It should be ready to come under RTI and bring a law to bring political parties under RTI. Making promises and breaking them has become a habit for Modi. He promised to bring black money from abroad and put 15 lakh rupees in every Indian’s account in 100 days of coming to power. That was broken. On 8/11/2016 he promised invalid 1,000 rupee and 500 rupee note can be exchanged till 30/12/2016. Exchange ended on 24/11/2016.

Updated: November 26, 2016 — 7:36 am


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  1. very interesting article. Could you explain why the INR is loosing value against the dollar when it should be gaining under the present circumstances?

  2. very interesting article. Do you have any idea why the INR is loosing value when all the black money is supposedly being got rid off?

  3. There is speculation that US Fed is likely to raise interest rate. So FIIs are withdrawing dollars.

  4. You’ve portrayed the harsh reality. The truth is that nothing will change after all the hardships we are being put through. Black will be back soon. It already is, I think. Anyway, we all like some delusions and illusions and the present one that all our money is being made white is also a soothing delusion.

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