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RBI and Revenue officials provide fodder to opposition on 'black day'

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Published on 8 Dec 2016 12:22 PM GMT

RBI and Revenue officials provide fodder to opposition on black day
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New Delhi: The projection of a lower growth rate during the current financial year and a statement , by a top revenue department official that all the banned high-denomination notes will be deposited by the end of the current ,month have given a new stick to the opposition to beat the government with.

As these statements appeared in newspapers on Thursday, the day the opposition was observing " black day", they were lapped up by leaders of different parties including the Congress . " our stand has been vindicated by these officials", said a Congress party leader.

The RBI has predicted that the growth rate will come down to 7.1 per cent from 7.6 per cent projected earlier, before the announcement of the demonetisation decision. The bank has admitted that the economic activities in many fields have slowed down in the wake of note-ban which will impact growth.

The bank has, however, said that the growth rate will pick-up after the initial hiccups during the next financial year but this was conveniently forgotten by the opposition as it did not suit them. Prime Minister Narendra Modi and finance minister Arun Jaitley have made similar predictions.

The opposition also ignored positive sides of the cancellation of notes presented by bank officials. For instance, they said, prices of several commodities have registered downward trends and in view of this the inflation rate is likely fall below five per cent which will be a positive development and will benefit the common men.

Another statement reported to have been made by a top revenue official has also come handy to the opposition. He has been quoted as saying that most of the banned notes have been deposited in different banks and that the rest are likely to return to banks soon. It is not unlikely but it will mean that hoarders of black-money have found avenues to convert their ill-gotten money.

It will not be difficult for the government to bring them to book. Of course, it has to adopt extra measures and engage more official in black-money unearthing job. Banks are one of the places where they have parked the black-money. Already, officials have identified 50 branches of ten banks, private and public, which have been put under scrutiny.

More banks may be put under the radar in days to come.

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