Strongly disputing with the contention of the government that demonetisation is necessary to check black money, former MP Dr Yalamanchili Sivaji today asked is persons like Sekhar Reddy are unknown to the government and is it needed this drive to check his black money?
Stating that all the black money holders are at the reach of the government, he said if it is determined it can catch and check them without resorting to demonetisation. Speaking to a news channel, he referred that Sekhar Reddy is said to be closely associated with `powerful politicians’ in both the states. Is it needed such drastic move to catch hold of known persons, he asked.
Moreover, he said isolated financial reforms will not help to yield desired results. They should be accompanied by administrative, judicial and electoral reforms too, he added. He also asked can government ensure there need not pay any bribes at registration, revenue and other offices for their works hereafter.
He said he tried to convince the union finance minister and other senior officials of the finance ministry on the prevailing scenario in the rural areas. But, he deplored none of them seems to be having any knowledge of it.
While 25 per cent of bank accounts are in rural and semi-urban areas, Dr Sivaji said the deposits are only to the tune of Rs 8,000 crore, which comes to about Rs 3,000 per head. Intentionally government has been discoursing bank branches in rural areas and there are no ATMs. How it would be possible cashless economy with more than 60 per cent population are away from it, he asked.
He cautioned that economic growth would be drastically hit by this process, he said the productivity would be hit badly with more than 10 crore of people are forced to confine to queues at banks and ATMs daily.
