An example of how penny- wise and pound- foolish UPA government handles corruption
FP NEWS SERVICE New Delhi
Lawmakers can be pennywise, pound- foolish. On Thursday, even as members in Parliament were wallowing in nos
talgia about withdrawal of 25 paise coins ( chawanni), the Rajya Sabha gave its nod to a legislation that permits the government to mint coins of Rs 1,000 denomination.
The move is sure to stir a hornets nest with activists like Baba Ramdev demanding a ban on high denomination currencies to curb corruption.
The entire rationale for denominatisation has been that high denomination notes facilitate illicit transfer of money, activists point out.
Gujarat Chief Minister Narendra Modi had some time back ridiculed the Centres decision to put 25 paise coins out of circulation and wondered whether this was the Congress governments ” strong step” to unearth black money! He had added that just when people were backing Baba Ramdevs demand for demonetisation of thousand rupee notes, which was the only way to unearth black money, the Centre has responded by spiking the 25 paise coins.
Though Pranab Mukherjee did not say when the Rs 1,000 denomination coins could be introduced, he indicated that the move is intended to check the menace of spurious notes.
The Coinage Bill, 2009, passed by the Upper House on Thursday, however, limits the payment and receipt by way of coins to Rs 1,000 by an individual. The Lok Sabha had passed the Bill without discussion in March.
Replying to mounting concerns over counterfeit notes, the Minister agreed there was a serious threat. While it was a battle the government was fighting continuously, some countries were using it as a potential tool to destabilize the Indian economy, he said without naming Pakistan.
On the proposal to mint Rs 1,000 coin, Mukherjee said at present it is only an enabling provision being inserted in the coinage law. He did not indicate when it could be introduced.
Counterfeit currency of the face value of only Rs 26.95 crore was detected in the calendar year 2010, against Rs 23.01 crore in the previous year. Up to June in the current calendar year, fake currency with face value of Rs 10.62 crore has been detected.
He said eight out of every one million notes were counterfeit.
BJP leader SS Ahluwalia reminded the House that the distinguishing feature of the 25 paise coin was that once upon a time, all it required to become a member of the Congress was a alt39 chavanialt39. ” A chavanni membership of the party was a badge of honour,” said Ahluwalia, a former Congressman who later joined the BJP. Ahluawalias speech elicited praise from all sections of the House. Congress MP Mani Shankar Aiyar said he wondered why Ahluwalia constantly created a hubbub ( hangama) when he could speak so well.
