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Modiji, is it time for another Demonetisation?


It’s election time again and in spite of measures to curb cash money such as demonetisation and introduction of electoral bonds, cash money in circulation is at an all time high of ₹ 21.50 lac crore. As politicians constantly build up reserves of cash in the run up to the elections, the annual growth rate of cash on hand has been a record 17.3% this year. At such a time, the risk/challenge lies in the logistics of cash transportation, for which even government vehicles are illegally used. The seizures of cash and all that it illegally funds for elections, including hard cash, booze and drugs has been of a record Rs.1,618 crores so far and as the voting dates come nearby, when the cash is actually handed over to the voters, the seizures are likely to be much more. The Income Tax Department, which has been in an overdrive, a hyper active mode, and it is their raids on politicians and their associates, which have been raising eyebrows which is suspected to be politically motivated and done at the behest of the BJP. it is the ongoing income tax raids being conducted at numerous locations of the associates and relatives of Kamal Nath, involving hundreds of income tax officers, which commenced in the wee hours of the morning at 3 AM, a few days ago, without mandatorily informing the chief election officer of Madhya Pradesh, is what has raised eyebrows. It uncovered a large racket which leads to senior members of the Congress Party. It proves once again that cash in the system has a big role to play during election time and hence we ask the question, Modiji, is it good enough reason for the return of Demonetisation

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