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Finance Minister Warns Strict Action on Cash Diversions from Banks

Finance Minister admitted that some unscrupulous people including some in the banking system have been trying to subvert the system once again and accumulating large amount of cash unlawfully.

"Obviously, there is a breach of law in this and this is a step which hurts the economy. And therefore, all agencies are keeping an eye on this. They will investigate this matter and all those who are found indulging in these malpractices will have to pay a very heavy price for what they are doing," he said in a statement made in reply to the opposition demand.

However, he did elaborate on the massive diversion of pink notes from the banks directly into the hands of money launderers and black money holders. On persistent queues in front of ATMs abd banks everyday, he said "RBI is injecting a large amount of currency into the banking system as part of its remonetisation exercise."

Here are some key issues the Finance Minister avoided in his statement:

Why only the poor and middle class is facing cash crunch? How did the rich and corrupt get hoardes of pink cash?

How did RBI allow its officials to divert cash meant for public distribution?

Does RBI have enough manpower to check and punish the culprits as claimed?

As IT raids reveal huge cache of pink notes daily, is our banking system trustworthy?

If cashless society is the goal, why didn’t the government print smaller denomination notes, instead of helping black money hoarders with its new Rs.2,000 or high denomination note?

As ATMs are not dispersing money and showing NO CASH boards perpetually, will RBI ever achieve the replenishment of at least half of the cash it collected in old currency?

When will our ATMs start dispensing Rs.100 or lesser denomination notes, lest Rs.500 note is still in the pipeline?

Now that the Dec 31 deadline is nearing, will the Finance Minister answer the common man, instead of articulating his replies only to the Opposition?

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