BJP Eyeing RBI Reserves After Being Failed To Get Money Out Of Demonetisation, Alleges P Chidambaram

| November 11 , 2018 , 17:27 IST

In a scathing attack on the Bhartiya Janta Party-led Centre, Former Finance Minister and a senior Congress leader P Chidambaram on Sunday alleged that the central government is now desperately eyeing the reserves of Reserve Bank of India after being failed to get money out of the demonetisation.

Chidambaram was quoted by ANI as saying, “After having failed to get money out of demonetisation, the BJP-led Centre is now eyeing the reserves of the RBI which is why they have started this problem with the RBI after four and a half years of being in power.”

Also Read: 99.30% Currency Notes Banned During Demonetisation Back To System: RBI Report

“The government thought they could make a profit, but they got nothing. Today, they are desperate for money. Why? GST collections are short of the target, net direct tax collection is short of the target, net direct tax collection is short of the target, the fiscal `deficit of 3.3 will not be met. Therefore, they are desperate for money to meet the fiscal deficit target. They also want money because this is the election year and they have always spent. They don’t have the money,” he added.

Former Finance Minister statement comes in the wake of reports stating that with the RBI’s surplus reserve running out to Rs 9.63 lakh crore, the Centre is now planning to ask the bank to fix the norm on surplus reserves.

Prime Minister Narendra Modi-led government had implemented demonetisation on November 8, 2016, banning legal tender of all Rs 500 and Rs 1,000 banknotes in order to curb black money.


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