An example of how penny- wise and pound- foolish UPA government handles corruption
Lawmakers can be pennywise, pound- foolish. On Thursday, even as members in Parliament were wallowing in nostalgia about withdrawal of 25 paise coins ( chawani), 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 hornet's 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 Centre's decision to put 25 paise coins out of circulation and wondered whether this was the Congress government's " strong step" to unearth black money! He had added that just when people were backing Baba Ramdev's 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.
FPJ
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