Government looting RBI reserves is demonetisation phase-2, alleges Congress

New Delhi| The Congress party on Monday alleged that the Narendra Modi led Union government is conducting Demonetisation phase-II by looting the reserves of RBI.

Addressing a press conference lawyer and Congress spokesperson Abhishek Manu Singhvi said, “As Elections are nearing, Modi government is planning to loot RBI reserves calling it a ‘Demonetisation Phase-II’. The Congress leader further alleged that the Modi Government is nefariously seeking to take away ‘Contingency Reserve’ under the garb of “fixing appropriate economic capital framework of RBI.

Attacking the Central government Singhvi said, “Modi Govt is coercing RBI to pay a special dividend of ₹3.6 lakh crore, equal to nearly 40% of reserves accumulated over decades. This is 2% of India’s GDP.” Terming the Union government interference in the matters of RBI unconstitutional, the Congress leader said, “Government of India is raiding RBI, a pillar of govt, for illegal and impermissible electoral sops. This is totally unthinkable in a democracy.”

The Congress party further accused the Narendra Modi governments controversial decision of Demonetisation of the loss in nations reserve. “The RBI pays dividends to the government every year, which was about 65,000 crore last year. Immediately after Demonetisation, it got reduced from 65,000 to 30,000 crore,” accused Congress. Singhvi further alleged that the Central government is planning to reduce the emergency reserve of the country to less than 6 percent through bureaucratic statements.

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