Indian Opposition party Vice president Rahul Gandhi of Congress made a controversial remark on Prime Minister Narendra Modi on Thursday, 8 December 2016. Rahul Gandhi said that PayTm Pay to Modi is actual meaning of current demonetisation in country. Demonetisation of Indian currency notes was made on 8 November 2016 and when 1 month is completed after cash crisis, there are protests by people from different parts of Inida. Nardendra Modi has asked for 50 days time to solve entire crisis for cash due to demonetisation. Even after completing 30 days of banning Rs.500, Rs.1000 notes and issuing new Rs.2000 and Rs.500 notes crisis with regard to currency availability is not ending.
Withdrawal limits on bank accounts like savings, current accounts has been made from 8-11-2016. Still after 30 days of demonetization maximum withdrawal limit from a savings bank account is just Rs.24,000 per week. And for current accounts, cash credit, over draft accounts it is just Rs.50,000. Indian Prime Minister Narendra Modi has asked everyone to do online transactions in India for payments and receipts of money. He also recommended people to go cashless and use mobile wallets which needs no physical exchange of cash. This has been a great time for mobile wallet companies like Paytm which got millions of transactions after demonetisation.
Reliance Jio Money, Airtel Payments bank, Paytm Payments bank .etc. were launched soon after demonetisation. Withdrawal of high value Indian currencies all of a sudden and call by Indian PM to go currency less have fueled such companies. Rahul Gandhi called one month after demonetization as a ‘Black Day’ for poor people of India. He accused that demonetization only helped online mobile wallet companies to make profits and it was real Black Days for common people. Narendra Modi has not answered to Opposition parties questions in Loksabha regarding demonetisation issue.
To add to these controversial remarks, Paytm used Indian Prime minister Narendra Modi’s photo in their advertisement giving courtesy to him for bring demonetisation. Paytm ad was as follows – Paytm congratulates Honorable Prime Minister Narendra Modi on taking boldest decision in financial history of India” And they also added a hashtag – Ab ATM Nahin #PaytmKaro
This kind of situations has made Rahul Gandhi mention Paytm Pay to Modi as a greatest comparison. Due to similarity of words and way how Rahul Gandhi made this harsh remark at Narendra Modi, whole India is after Paytm Pay To Modi news on 8-12-2016.
What more would have people looking for stories to start making allegations. All people who read this ad also were astonished. And next one was Jio Money which used Narendra Modi’s photo in their ad. After it became controversial, another funny news broke out. Jio Money could get Rs 500 fine for using Prime Minister Narendra Modi’s photo without permission.
Opposition has been protesting in Lok Sabha for past few weeks and demanded Narendra Modi to answer to questions on demonetisation debate.
Paytm Pay to Modi and Currency Ban Foolish Decision – Rahul Gandhi
Lot of farmers, common people are suffering due to difficulty in withdrawing or exchanging cash. Many people are not able to conduct their daughter’s wedding with limited cash availability. But rich people are conducting weddings without any difficulty and spend in crores of money on marriages which astonishes everyone.
It is evident that due to demonetisation only poor people are suffering. It was thought that all black money holders will loss their money. There is no such thing happening like black money holders losing their cash. From past few days news reports we can hear about mafias who are working to exchange crores of old currencies for cash.
In State Bank of Bikaner and Jaipur a staff was arrested for helping to convert black money in crores of cash using 3 identity cards. This person got arrested, but there could be such things happening in various parts of India. So balck money holders will not lose their money, they will convert it some how using corrupted people who will do anything for commission or money.
It is poor common people who are affected by cash deposit limits and withdrawal limits from bank accounts. Situations in which people who have money in their account not able to withdraw cash for their basic needs is very shocking. All payments transactions around us cannot be made using mobile wallets, which is very difficult to understand by older generations and poor people in our society.
As per reserve bank of india, total value of old Rs.500, Rs.1000 notes issued in India is about Rs 14.5 lakh crore. Out of this 11.55 lakh crore of old currency notes have been already deposited in bank accounts as on 7-12-2016. So the big question now is regarding “Where is all black money that was thought to have been lost to black money holders”.
RBI report on old cash returned shows that most of old cash has been deposited in banks. Now only possibility is to conduct Inxome tax checks on accounts with big deposits. But how can Income tax catch cash exchanged using fake id cards by black money holders.
There has been lot of loop holes in demonetization which has been made use by corrupted Indians. PayTM is nothing but Pay To Modi remark by Rahul Gandi will create lot of discussions.