Cap imposed on withdrawal from banks unjust: Sharma

Congress leader Anand Sharma today hit out at the government on the demonetisation issue terming as "unjust" the cap imposed by it on withdrawal of money from bank accounts and demanded its roll back.
He also said that equating poor man's money with that used for terrorism is wrong, even as he questioned Prime Minister Narendra Modi's intent in not giving details of big loan defaulters and demanded that a list of top 100 defaulters be released immediately.
He also demanded state funding of elections and said patriotism was not the right of only Modi and his ministers as all countrymen were patriotic.

"It would be absurd on the part of the Prime Minister and his Finance Minister to say that those who are having their own savings accounts in banks, the government has a right to impose a limit.
"How can the government tell a tax payer, a person who has earned one's living and saved some money in the bank that they cannot withdraw it and the government has the right to impose a limit of Rs 2000? That is questionable, that is not fair and is unjust," he told reporters.
Sharma said there should be no limit on withdrawal of people's money earned legitimately and this shows that government has not made prior arrangements in printing new currency and that is why there are restrictions.

He said this means all those people who have worked hard, who have paid their taxes, who have saved money in their bank accounts have no right to access their funds and the government will tell them how much money they can withdraw, which was questionable.

The former Commerce Minister also questioned the government's move behind introducing Rs 2,000 currency notes after withdrawing Rs 500 and Rs 1000 notes, asking how it will curb black money.
"Another question is about the farmers of the country who bring their produce to the mandis. Which farmer is carrying their cheque book or credit card? Which dhaba in India is accepting cheques or a credit card overnight?

"These are issues as social and economic costs have always to be borne in mind.
Sharma also asked how much of the loans are restructured,
how many people have been given the benefit of loan waivers, the rich or the poor.
"All that must come before the people, it is equally important," he said.
"What steps are they going to take to clean up the electoral system and to ensure state funding of elections. These are issues which have to be discussed in totality.
"The real money estimate must be given. How much of the black money will be eliminated by scrapping 85 per cent of the currency in circulation, that also the FM must answer. They cannot duck questions by saying, we are fighting black money," he said.

Sharma also asked how much black money is there in real estate, gold and bullion and how much of that is unearthed by scrapping the currency notes.
He further asked what will be the cost of demonetisation and for printing the new currency.
"The people have the right to know," he said, adding it is not a question of patriotism, which the Prime Minister or his ministers claim to be as their right.
"They cannot give a certificate of patriotism to anyone. Are farmers, labourers and housewives and honest tax-payers not nationalist? This is wrong," he said.
The Congress leader said counterfeit money poses a big threat not only to the financial security but also national security of the country.

"It is true that terrorists have been using counterfeit money, but the government should tell us what would be the percentage of such money and does that justify scrapping 85 per cent of currency in circulation," he said.
He added that in India, 16.5 lakh crore rupees were in circulation until midnight last night, of which over Rs 14 lakh crore have been withdrawn.
"So 85 per cent of money has gone, that currency is not available for circulation. I hope the government has calculated the social and economic costs.
"We all would support any support any step which is effective in curbing black money. But Prime Minister and his Finance Minister Arun Jaitley should explain the logic of withdrawing Rs 1,000 notes and introducing Rs 2,000 notes," he said.

Sharma said only people who have legitimate banking transactions would go to the banks.
"We wish the FM to fulfil his commitment to make India cashless in transactions, which is good. But over 50 per cent of the sectors do not have cashless transactions, whether it is handloom sector, the handicrafts sector, the weavers of this country, the labourers working in construction sites, small eateries and small shopkeepers."
"One fundamental question is has the government fully prepared itself for this change and the RBI. The government must answer this question," he said.