887 Public Accounts Committee of Indian Parliament should publish the questions it has asked the Governor of RBI, Mr. Urjit Patel

The inquiry and questioning which Public Accounts Committee of Indian Parliament is making, should not end up as a damp squib. On 20th January 2017, the Governor of Reserve Bank of India Mr. Urjit Patel, assisted by his team of Dy. Governors, appeared before the Public Accounts Committee, and answered their questions. Every common Indian, with the exception of millionnaires and billionnaires experienced hardships in their daily life, owing to the economic surgical strike made by Government on the 1.3 billion strong Indian Nation, in the form of demonetization of 86.4% of currency in circulation.

More than 100 people lost their lives, standing in ATM and Bank queues. Patients in hospitals could not pay their bills. Mr. Sadananda Gouda, Union Minister, himself experienced this, as a hospital did not allow him to take the dead-body of his relative, by making payment in old notes, though hospitals were expected to accept them. Parents could not pay the school fees of their children. Farmers could not pay the wages of the laborers working in their fields. Laborers, fruit and vegetable vendors, food vendors on carts, barbers etc. lost their livelihood, for nearly 50 days, because people did not have cash to pay.

Several people could not perform the wedding ceremonies of their daughters and sons, because they were not allowed to withdraw their own money from their own Bank accounts. This type of arbitrary tyrannical treatment made by Reserve Bank of India on Bank customers, was never experienced in the Economic History of India. Mr. Narendra Modi, the Hon. Prime Minister of India, avoided to be present in Lok Sabha and Rajya Sabha, and shy of answering the questions which may be asked by Opposition.

Some people approached courts for redressal of public grievances. Unfortunately, courts too failed to come to their rescue, except making some observations.

Initially, according to News Reports, the Public Accounts Committee made a noise that it would call the Prime Minister to appear before it. Somehow, it did not dare to do so. Only the RBI Governor and some Ministry of Finance Officials appeared before it. The Public Accounts Committee should have released to Media, a printed list of questions they have asked the RBI Governor, and the Officials of the Ministry of Finance, so that people could have had a first hand of knowledge that there is somebody to ask the Powers-that-be, on what, why, how they have resorted to such a misadventure as the 86.4% Demonetization, without adequate prior preparations. The PAC should also publish verbatim, all the answers given by the RBI Governor. Publishing these questions and answers, would have brought transparency to the working of the PAC, Lok Sabha and Rajya Sabha.

PAC should at least publish, whether any of the following questions were asked and answers obtained from the RBI Governor, when he said that Demonetization was planned in early 2016 itself, and that regular weekly meetings were taking place with the Government.

If demonetization was really preplanned well in advance, as replied by the RBI Governor, then we must be shocked to see how shabbily it was implemented. Something which is planned well, and planned in advance, should foresee contingencies, must have a Disaster Recovery Plan, ought to pre-estimate whether it will have any adverse impact on the poorest sections.

QUESTIONS

1. Whether these meetings attended by RBI Governor, ever took notice of the aggregate stocks of Rs. 100 notes in the Currency Chests of RBI and its Agent Banks, and the Rs. 100 notes held with the public? If so, date:
2. Whether RBI Governor, or the Chair-person of SBI, has ever expressed an apprehension that there would be chaos, because Banks do not have adequate stocks of Rs. 100 notes, that ATMs are not calibrated to handle Rs. 2,000 notes, and the new Rs. 500 notes. If so date:
3. Whether the Officials of the Finance Ministry / PMO / Finance Minister have replied to the apprehensions of the RBI Governor, or the Chairperson SBI. What was the reply given from the Government side? If so date:

To continue. सशेष. ఇంకా ఉంది.

860 No need to break one's own head, or break others' heads for two hours everyday!

How can we distinguish between Mr. Narendra Modi, the Prime Minister of India, and Shri Nara Chandra Babu Naidu, Chief Minister of Residual Andhra Pradesh? Both claim that they are great hard workers. Both claim that they are incorrupt. Both dress immaculately. Both claim that they are great innovators. We can find, probably three differences:- 1. Mr. Modi claims that he has a 56" chest. Mr. Naidu does not make any such claims. 2. Mr. Modi does not blacken his hair. Mr. Naidu darkens his hair, but leaves his trimmed beard gray. 3. Mr. Modi rarely dos a volta facie. Mr. Chandra Babu Naidu does not mind doing a volta facie.

Shri Amit Shah, BJP All India President, has already confirmed that Mr. Modi will never take back his decision.

"... This is not a Manmohan Singh government... this is a Narendra Modi government and once he takes a decision, there’s no going back on it. ..."

"... The MPs should instead of complaining, they should convince their voters about the merits of demonetisation. ..."

Here is a link from Huffingtonpost, which shows the volta facie of Mr. Chandra Babu Naidu: Click here to go to HuffingtonPost.in, article "Andhra Pradesh CM Chandra Babu Naidu says, he's breaking his head.".

"...Demonetisation was not our wish but it happened. More than 40 days after demonetisation, there are still a lot of problems but yet there appears to be no solution..."

"Banks are not prepared for a transition to digital economy. They are unable to even register banking correspondents. ..."

"I am spending 2 hours a day to ease the problems caused by demonetisation. I am breaking my head daily but we are unable to find a solution."

Mr. Chandra Babu Naidu, wrote to Prime Minister, advising him to demonetize,-- on 12th October 2016. Mr. Narendra Modi fulfilled the wish of Mr. Chandra Babu Naidu on 8th Nov. 2016.

ON 9th Nov. 2016, Telugu Desam Party claimed "Victory for Chandra Babu Naidu over corruption".

yb-a-donkey's humble submission, not intended to bind others

There is no need break one's own head. Nor, there is a need to break others' heads everyday, conducting Review meetings, as if Bankers have no work, except attending Review Meetings.

Bankers are not fools. The problem with our beloved Prime Minister and Chief Ministers, is, they think otherwise i.e. Bankers are fools. Bankers bow and kneel to everything to PM and CMs say because the Bankers do not want to be ridiculed in Open Meetings. It is the failure of PM and CMs to utilise the creative capabilities of Bankers in a non-tyrannical non-despotic manner, by encouraging participative management.

ONE TEMPORARY, TENTATIVE, PROVISIONAL LOCAL SOLUTION for currency crisis

Mr. Chandra Babu Naidu is already exceedingly unhappy with Banks , particularly Public Sector Banks in Andhra Pradesh. They did not, in his view, co-operate with him in debt relief promised by him to AP farmers. They did not, in his view, take up tenant-financing on a very large scale. Now, they are not confiscating pos machines with merchants, and redistributing them to others, instantaneously.

Andhra Pradesh can make an SOS application to RBI through GOI, for establishing its own Bank, with say Rs. 1 billion as State Government's Capital. AP Government can everyday issue Usance Promissory Notes payable to bearer on the first of every month. They should have a validity of one month (or say max. three months). They should be valid only in the District of issue.

Alternatively, A.P. Govt's new Bank can issue post-dated cheques payable on first of every month. Once they are endorsed BLANK on the reverse by the payees (employees, pensioners, contractors, suppliers, etc.), they become payable to bearers. That means, they can be circulated just by delivery. They will become as good as currency notes. Only hitch will be: People should have trust on the State Government and its Bank. These also should be marked valid for one month (or three months) only. Circulation jurisdiction should also be made limited to one or two districts. Sub-Treasuries can also be authorised to issue this type of cheques payable at the new Bank.

Demand Promissory Notes payable to bearer become currency notes. They can be issued only RBI. Andhra Pradesh Government can also get this power / authority temporarily, by using good offices of Mr. Naidu with Mr. Narendra Modi, for getting an ordinance issued by President of India, later supported by a bill in both Houses of Parliament. As this is difficult, "Usance Promissory Notes payable to bearer" is a solution.

The Government of Andhra Pradesh can issue these notes to its employees, pensioners, suppliers, contractors. They can in turn get them exchanged with workers, employees, vendors, suppliers, as if the Usance Promissory Notes are valid for one month/three months, within Andhra Pradesh.

On due dates, Andhra Pradesh Government through its Sub-Treasuries /or through AP Government's newly established Bank, can honor the Promissory Notes by crediting presentor's accounts. They can also be paid in Local Clearing, when presented by Other Banks.

The newly established Andhra Pradesh Government Bank can extend loans to liberally to Tenant Farmers, DWACRA Societies, Self-Help Groups, Co-operative Societies and Co-operative Banks, wine shops and bars who are unable to buy/ lift liquor quotas from A.P. Beverages Corporation. The A.P. Govt. can also write off loans whenever it wants depending on elections. The new AP Govt. Bank can issue thousands and millions of POS machines to farmers liberally.

In this manner, Residual Andhra Pradesh Government can save itself from the headaches which Bankers are causing to it by their inefficiency.

844 India's Fakir Prime Minister should think of importing Rs.500 & Rs. 1000 currency notes to tide over currency crisis!

Nearly 27 days have elapsed. India's currency note crisis has not receded. Many people including Senior Citizens have died in ATM queue lines and outside Bank Branch gates. Latest in the sequence is, in Kanpur District, Punjab National Bank, Jhinjhak Branch, a pregnant woman in ATM queue has delivered a baby girl. Here is the link to read the news report: Click to go to http://www.hindustantimes.com/india-news/kanpur-woman-delivers-baby-inside-bank-while-waiting-in-queue-to-get-cash/story-rzU5CLeEYHUsSTyt4qLM1H.html. Her name is 'Sarvesha', age 30. It was said to be her second day in the Bank's queue. ON the first day, she could not draw cash. On the second day, she has delivered a baby girl in the queue, with the help of onlookers and customers who took her into the Bank, and assisted her in the delivery. Later, a police Jeep came and shifted her to hospital.

ybrao-a-donkey: The above news report pertains to December 3, 2016. Today is 6th December 2016. There is not much change in the situation. At Chintalapudi, Godavari District of Andhra Pradesh, disgusted people were reported to have sat on the Highway to express their resentment.

Now, going back to the Old Rs. 500 and Rs. 1,000 currency notes does not appear to be practicable, because most of the notes have already entered Bank(s) vaults, and will finally reach RBI for incineration.

LURKING DANGERS OF GREAT DIFFICULTIES IN AGRICULTURE, SMALL BUSINESS, SMALL INDUSTRY SECTORS, APART FROM UNCONTROLLABLE LAW & ORDER PROBLEMS

India's Security Presses, even after working 24x7x365, do not seem to have adequate capacities to meet the demand for currency notes in the near future. But then, Indian Agriculture, Indian small businesses, and Indian Small Industries have reached their maximum stretch-ability. Neglecting them further, can lead to steep fall in production in goods. There is also a lurking danger of uncontrollable law and order problems. Airlifting CRPF or Army in areas of unrest does not appear to be a correct sensible solution.

Reserve Bank of India is reported to have started airlifting currency notes, where States have come forward to send chartered planes at their own cost.

HIGH TIME, WE IMPORT CURRENCY NOTES

There are many countries in the World, which have surplus currency printing capacities, with all the required security features which India may specify. India can get into touch with the Central Banks of those countries, to place orders for IMMEDIATE PRINTING OF RS. 500 AND RS. 1,000 DENOMINATION CURRENCY NOTES.

Right now, we do not have a foreign exchange scarcity situation to bear the cost of printing of currency notes abroad. When compared to the risks of loss of production, fall in GDP Growth, law and order problems etc. importing currency notes, seems to be sensible.

Notes which, if India imports from abroad, can have a design distinct and different from the indigenously printed notes in Indian Security Presses. The need for a different distinctive design is 1) to withdraw them from circulation when India is fully ready with its Cash-less transactions. When India is fully ready for a Cash-less transaction regime, imported notes can be withdrawn first. If any counterfeit notes come for imported notes, identification also becomes easy.

Many countries in the world, particularly the underdeveloped countries, do not have their own currency presses, and they place orders abroad with reputed currency presses situated abroad. In the circumstances, global currency printing presses working on orders have developed some standard security practices to ensure that neither they nor their employees indulge in counterfeiting. They have developed required expertise. They instal modern machineries and technologies from time to time to guard against counterfeiting.

One word of caution: India should not get addicted to print currency notes abroad. This idea of import of currency notes, is intended only as a one-time measure.

The global printing presses can be requested to directly airlift the currency notes printed by them to the designated Local Head Offices of State Bank of India, at Centres where International Airports are situated in India. Of course, details of each consignment can be furnished to Reserve Bank of India, for control and monitoring their due receipt.

As BJP Government seems to be particular about NATIONALISM AND NATIONAL HEROES, imported currency notes can have pictures of Subas Chandra Bose, Babu Rajendra Prasad, Lok Manya Tilak, Maulana Abul Kalam Azad, Shaheed Bhagat Singh, Chandra Sekhar Azad, Basavaraj Raj Guru, Ras Bihari Bose, Lala Ljapat Rai, Dayananda Saraswati, Mira Bai, Tulasi Das, Kabir Das, et al (This list is incomplete), and Historical Locations like Jalianwalah Bag, Andaman Central Prison. We can also have on currency notes, images of Bhilai / Rour Kela / Visakhapatnam Steel Plants. If it does not violate security, we can even have Kudankulam Nuclear Power Station, Srihari Kota Satellite Launching Complex, on our currency notes.