Mamata Banerjee's advice to RBI Governor Urjit Patel: stand up against demonetisation

KOLKATA: West Bengal Chief Minister Mamata Banerjee has raised the issue of ‘discrimination’ in distribution of new currencies while urging RBI governor Urjit Patel to “stand up against the demonetisation onslaught”.

In a letter handed over to Patel during her 70-minute meeting at the state government headquarters in Nabanna on Thursday Banerjee reminded Patel that the RBI was autonomous and asked him to speak up against the currency replacement drive initiated by the Centre.

“As the Governor of the Reserve Bank of India, an autonomous institution with a great history which issues currencies to the nation, we expect you to stand up against this demonetisation onslaught against the common people of the nation at this moment of crisis rather than falling silent and remaining opaque,” Banerjee’s letter said.

“We would also like to know from you the nature of allocation of new currency to each state in the spirit of transparency and accountability, since there are serious concerns of political discrimination among states,” the letter said.

Banerjee urged the RBI governor to uphold the sanctity of the autonomous institution and not allow it to be used for political ends. “The meeting with the RBI governor was positive. I could at least express my views.

He had been a patient listener. We have been raising several issues in Delhi, Lucknow, Patna and several other places. But we did not get any response. Parliament is not functioning and the prime minister is not available.

So, to whom should we go? In the meeting, I could speak for the people of India who are suffering. We have presented our views supported by documents,” Banerjee said after the meeting.

“The announcement was made by the Prime Minister, not the RBI Governor. It should have been announced by the RBI Governor. People are confused. Every day some ministers are saying something RBI officials are not facing people.

And people are confused. I am speaking on behalf of people and I am satisfied that I could place all issues before him,” she added. Banerjee attached a list of areas in which the state was suffering from “severe cash crunch of currency of smaller denominations”.

She pointed out that the supply of new denomination of .`500 started in the state only after four weeks from the date of announcement. “There is also no information about the supply of currency to different states. The state government has every reason to believe that there is discrimination in the distribution of currency between the states.

She did not forget to mention the Goods and Service Tax too. “Double Dhamaka nehi chalega. How can a country bear double dhamaka? We will lose revenue,” she said on implementation of GST. Patel, who was here to attend a RBI board meeting, avoided media interaction that has been a tradition.