No info on extent of black money, post DeMo: ex-RBI guv

The decision to demonetise the currency notes faced with early hiccups as the banks did not have enough reserve to replace the scrapped notes with legal tender, said 14th Finance Commission chairman Y V Reddy, also former RBI governor.

He was speaking after inaugurating Mysuru Sahitya Sambrama, organised by Mysuru Book Club and Mysuru Literary Forum Charitable Trust, here on Sunday.

Y V Reddy explained, “There was a huge confusion at the banks days after demonetisation. The confusion was due to a shortage in production of new notes, as the currency printing press could not meet the demand.”

It takes months to produce around 70% of notes and moreover it is not possible to openly announce about it, he added.

The former RBI governor said, “Huge volume of old notes were returned to the banks following the demonetisation of currency notes of higher values. It is up to the Income Tax department to decide on the extent of black money deposited with banks, post demonetisation. It is not possible for the banks to take a call on it. The I-T department has not kept the account of black money,
he said.

Need to promote khadi

Fashion guru Prasad Bidappa and writer Rita Kapur Chishti spoke about the importance of khadi in the fashion world.

Participating in the panel discussion, on the topic, ‘Why we should wear the fabric of freedom’, held as part of the literary fest, Prasad Bidappa said that wearing khadi gives a pleasant feeling and is also eco-friendly. Synthetic fabric is harmful to the human body and also to nature. We should at least buy two pairs of khadi clothes every year, he said.

He also explained that the fashion designers have been giving more importance to the khadi while designing garments.

Writer Rita Kapur Chishti, author Aroon Raman, entrepreneur Rayan Irani, Director of Mysuru Literary Fest Shubha Sanjay Urs and Secretary Vinaya Prabhavathi were present.

Discussions were also held on the topics, Figments of Imagination and Bold Canvases, Trails of Free Sprits-on Wildlife, Janapada Sahityada Hasya, A class apart - Heritage of Royal Mysuru, Translating India, Where the mind is without fear, Reminiscing behind closed doors, The Remembered Village, The Midnight Murder- A Tale from Medieval India, Making my Art my Own, Nirbhaya Samaj: Yaara Javabhhari? among others were held.