1. Demonetisation: Black cash going worthless after December 31, incentive is to launder it, says Montek Singh Ahluwalia

Demonetisation: Black cash going worthless after December 31, incentive is to launder it, says Montek Singh Ahluwalia

Former Planning Commission vicechairman Montek Singh Ahluwalia today said that as the black cashes are going to be worthless after December 31, they will get laundered in different ways to avoid getting caught by the government.

By: | New Delhi | Updated: November 22, 2016 9:31 PM
Speaking to Karan Thapar at the interview, Montek Singh Ahluwalia claimed, "People should be made free to take out whatever they want from their personal bank account." (PTI) Speaking to Karan Thapar at the interview, Montek Singh Ahluwalia claimed, “People should be made free to take out whatever they want from their personal bank account.” (PTI)

Over the implementation of the demonetisation policy by the Narendra Modi government and as the last date, for the replacement of the old scrapped currency notes, nears, former Planning Commission vice-chairman Montek Singh Ahluwalia today said that as the black cashes are going to be worthless after December 31, they will get laundered in different ways to avoid getting caught by the government. Ahluwalia claimed that the laundering of the black money is also being done through gold, creating an incentive to import gold, thereby putting pressure on rupee.

In an interview with Karan Thapar for the India Today, Montek Singh Ahluwalia today, discussed regarding the implementation of the demonetisation policy, following which there had been a ban on currency notes of higher denominations. The former vice-chairman of the Planning Commission claimed that the the implementation of the anti-graft policy hadn’t, at all affected the flow of black money in the country.

Criticizing the policy implementation, Ahluwalia said that the time period, till March, expected to replace the old notes with new ones, is too long and will create a problem for the informal sector. He also stressed on the point that if it takes six months to replace the old currencies with new ones, it will lead to wages being not paid and will disrupt the normal living anyways.

Speaking to Karan Thapar at the interview, Montek Singh Ahluwalia claimed, “People should be made free to take out whatever they want from their personal bank account.”

Citing the rise in the circulation of black money in the country, Prime Minister Narendra Modi had initiated the demonetisation policy on November 8, following which there had been a ban on currency notes of the denomination Rs 500 and Rs 1,000. There had been a chaotic situation among the common people since the implementation of the note-ban policy, with people standing on long queues, waiting for hours, outside banks and ATMs to replace their scrapped currency notes.

  1. S
    Somu
    Nov 22, 2016 at 5:30 pm
    You loser Montek , ur comment doesn't make any difference to anyone
    Reply
    1. E
      EHSAN
      Nov 23, 2016 at 1:42 pm
      How much public money was spent for your toilet in the Planning Commission office??
      Reply
      1. K
        krishna
        Nov 23, 2016 at 12:56 pm
        Was this guy indeed heading planning commission ,with such poor understanding of excessive money flow in system? It is so foolish to ume that 14.5 lakh crores worth of currencies need to be ploughed back to the system. Aim is precisely to reduce the cash flow to bare minimum (informal or rural sector), push everyone towards cashless transactions and to disincentivise black cash ding. Not more than 4 to 5 lakh crores will be brought back to system, that too in phased manner, nudging people to move towards digital money.2000 will be demotised again soon when situation stabilises, then 500 circulation will be vastly restricted.There is no way that same cash surplus(14.5 lakhs) is going to come back in cash(hard currency) format.
        Reply
        1. J
          Jay
          Nov 22, 2016 at 4:49 pm
          For the fat Pension the suffering people are paying him, the all knowing wise guy could have been more specific on what problems he is talking about and or remedies.
          Reply
          1. S
            Seshadri
            Nov 22, 2016 at 5:03 pm
            Now the people know you and your team were fleecing around 40000 rupees everyday for luxurious lunch in your office. That is the type of team that the honest MMS was having to support him.
            Reply
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