“Our tradition has always been the argumentative Indian and not the intolerant Indian” said President
A Study Report By:
Harbans S Nagokay.
Jammu, December 29
Within these 50 days noise of note ban; RBI Governor today revealed that the banking sector continues to face “significant” levels of stress but the financial system remains stable overall after moves to enhance transparency, Urjit Patel said in the twice-yearly Financial Stability Report.The report noted the gross non-performing advances ratio of commercial banks – a measure of stress in the sector – had increased to 9.1 per cent in September from 7.8 per cent in March, pushing the overall stressed assets ratio to 12.3 per cent from 11.5 per cent. Yet! Stressed assets levels could increase further under baseline case scenarios, especially at state-run lenders, but the overall financial system remained stable after recent moves forcing banks to account for the true extent of bad loans in their balance sheets, the RBI said.
While; according to authorities, the ruling BJP will launch a massive political campaign in the New Year to back demonetization and the Modi government’s drive to transition to a cashless economy. The deadline for depositing banned 500 and 1,000 rupee notes ends tomorrow and the finance ministry, according to sources is preparing a presentation on the road ahead for all the BJP’s lawmakers and ministers to use across the country.
Ministers have been asked to be present in different areas as the government announces winners of a mega lucky draw for people who have made digital transactions on Saturday, December 31.That day at around 7.30 pm, Prime Minister Narendra Modi is likely to address the nation and speak about steps taken to ease the cash crunch that has followed his November 8 ban on 500 and 1,000 rupee notes, aimed at combating black or undeclared money.
Finance Minister Arun Jaitley today said that clear results of the Prime Minister’s November 8 announcement are already in, with tax and revenue collections up. The Finance minister said a large portion of the currency wiped out by the notes ban has already been replaced and the Reserve Bank has adequate new currency and would release 500 rupee notes to remonetize.The people have supported this move significantly, and not a single incident of any form of unrest has been reported in the country” since the notes ban, Mr Jaitley said.More ministers were fielded today by the government to defend the notes ban and to counter the opposition, which has attacked the government’s implementation of the notes ban, which they have alleged, punishes the poor rather than the corrupt.
Union Power Minister Piyush Goyal said the “success of the notes ban is not just the governments but the entire country’s,” thanking people for what he called their support for demonetisation. He pointed to the BJP’s victories in elections held in various places after the notes ban as proof that people have supported the move despite the hardships caused by the cash crunch.
“The situation has also come under control… Businesses are running in order, additional notes are being issued and circulated by the RBI,” Mr Goyal said.Law and IT Minister Ravi Shankar Prasad said, “Now the country is functioning at such a fast pace but if the Congress party can’t see this then it’s their loss,” accusing the main opposition party of being, “the biggest patron of the corrupt and corruption.”
At the end of day today; the President of India Dr. Pranav Mukhrjee spoke about an “unfortunate tendency in the country’from time to time to take offence at the expression of any view perceived to be hostile to our social and cultural institutions past or present.The freedom to doubt, disagree and dispute intellectually must be protected as an essential pillar of democracy, President Pranab Mukherjee has said at a time divisive politics and intolerance, especially on social media, is being widely debated. President said that it is natural to love one’s country and see as much glory in the past as one can detect. But patriotism should not result in blinkered approaches to interpreting history or a compromise with truth in order to justify an argument of choice,” Mr Mukherjee said, addressing the Indian History Congress in Thiruvananthapuram this evening.