New Delhi: With more than a week after the Bharatiya Janata Party (BJP) implemented its sudden move to demonetise two big value currency notes of Rs 500 and Rs 1000, NewsX senior executive editor Priya Sahgal, in an exclusive conversation with BJP’s Subramanian Swamy, Congress’s Manish Tewari and independent MLA Rajeev Chandrasekhar, discussed the impact of demonetisation.
Speaking about the government’s move, Subramanian Swamy said, “It’s a good move, badly implemented but retrievable and it was necessary to do at this stage.”
Independent MLA Rajeev Chandrasekhar said, “It’s a good move to fight against the black money, a necessary move. There are things that the government can do to make the informal sector, poor and the lower middle class have the softer landing and less disruptive for them.
According to Manish Tewari, it’s ill legal. Tewari said, “Under 262 of the Reserve Bank of India (RBI) Act, the government does not have the power to do that and the notification which has been issued subsequently, of imposing controls on how much cash one can withdraw from your own account, where does the government get the power for that. I will not be surprised if the court takes an adverse view and cautions the notification at some point of time.”
Tewari further said, the Court may have given the government the benefit of doubt but if a substantive argument is made the court may come to a different conclusion.
“I don’t think it is retrievable,” Manish Tewari added.
Further speaking on the issue, Swamy said, “There is a power which has to be harmoniously constructed without causing chaos in the country and already the Chief Justice has said that he doesn’t want to interfere in the policy matters and that is why he has got given a stay.”
“But now we need to make people happy and one way to do that is the abolition of income tax.”
Concluding his statement, Chandrasekhar said, “Black money is the target of demonetisation and it has to be followed by significant tax and election reforms.”