‘PM Modi’s Disastrous Demonetization Plan has Ruined Peoples Lives’ – Ex-Minister Ramanath Rai

‘PM Modi’s Disastrous Demonetization Plan has Ruined Peoples Lives’ – Ex-Minister Ramanath Rai

Mangaluru: Two years after demonetization came into effect on November 8, 2016, the BJP-led government continues to defend the move meant to “wipe out illegal money” while the Opposition Congress party terms the step as “ill-advised” and “Disastrous”. On Friday9 November, the second anniversary of demonetization, the D K District Congress Committee Congress staged a protest in front of Congress Office, Kadri-Mangaluru and lashed out at Prime Minister Narendra Modi for “ruining” and “wrecking” the country’s economy.

Calling demonetization the biggest flop former minister Ramanath Rai addressing the protesters said, “None of the objectives of note ban had materialized two years later, other than ruining common peoples and small business owners lives. Two years ago, the PM announced demonetization for three reasons — to curb black money, weed out fake notes and proscribe terror funding. Two years later, none of those objectives has materialized. In fact, there is more cash in circulation today than there was in 2016. Modi’s rich friends are rich as always, no matter demonetization was enforced”.

“Modi who had promised to eradicate black money, and also said that all the black money stacked abroad will be brought back to India, and a portion of the money would be deposited into Indian citizens bank accounts, were only fake promises, but nothing in action. Modi government is not taking any action in bringing back liquor baron Vijaya Mallya and entrepreneur Neerav Modi, who have swindled banks in India to a tune of Rs 9300 and Rs 13000 respectively. And now Modi is trying to merge our very own district bank Vijaya Bank with other two banking sectors, which is foolishness” added minister Rai.

“It was the late Attavar Balakrishna Shetty who established Vijaya Bank in Mangaluru 87 years ago. The late Mulki Sundar Ram Shetty, as founder-president, expanded operations to across the country. The bank has faced losses in the past and the employees had to strive hard to ensure the bank is saved. By proposing the merger of Vijaya Bank, the Centre is hurting the sentiments of the employees and the residents of the district. With the merger, Vijaya Bank will lose its identity, which will be a setback for the district. Why is our local MP remaining silent on such a major issue concerning the district? Vijaya Bank had been launched by a member of the Bunt community. It is disheartening to observe that an MP belonging to the same community is silent on the merger”.

Rai further said, “The negative impact of the previous merger of banks with the State Bank of India is being experienced to this day. It is, therefore, not the right step for the government to merge Vijaya Bank with Dena Bank. If the banks are merged then it is difficult for customers and employees of the banks. NDA government has always been with industrialists, investors and does not think about common people. BJP is confident that it can gain votes in the name of religion and caste. I urge the people of the district to oppose the move by NDA government to merge Vijaya Bank with Dena Bank and Bank of Baroda”.

Dakshina Kannada District Congress president Harish Kumar also speaking said that the economy of India is in shambles and yet to be recovered from the demonetization plan enforced by Modi, which has also put many peoples and small business owners lives in hardships and loses. Modi’s idea of eradicating black money has proved futile, with no positive results, added Kumar. MLC Ivan D’souza and Ex-MLA J R Lobo also spoke and lashed out at Modi government for their fake promises and ill-advised Demonetization. Former MCC Mayor Kavitha Sanil, MCC corporators and many Congress party members were present at the protest.

Chief whip of MCC Shashidhar Hegde, mayor Bhaskar Moily, former mayor Kavitha Sanil and others were present.