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P-Notes contributing diversion of large scale of black money : Dr. Swamy
Former Union Minister and senior BJP leader Dr Subramanian Swamy accused that Participatory Notes (P-Notes) contributing diversion of large scale of black money and demanded the government to abolish P-Notes. According to him they are root cause for the forex crisis.

Delivering a lecture on 'Declining Rupee value-UPA Government Failure' at a meeting organized by Bharateeya Janata Party (BJP) city unit in Hyderabad on Saturday, Dr. Swamy said that the government is promoting such policies contributing fall in rupee value only to allow loot the country unchecked.

He stated that P-Notes are the instruments used by investors or hedge funds that are not registered with the Securities and Exchange Board of India (SEBI) to invest in Indian securities. He said that these notes are one of the reasons for rupee fall and hence the government should discourage them.

If the government is serious about solving the foreign exchange crisis, Dr Swamy demanded that it should ask the people at the helm of affairs to return the deposits they made in foreign banks. According to him, the UPA regime’s large scale corruption leading to steep fall in rupee fall in exchange rate with dollar.

Recalling that out-going Reserve Bank of India (RBI) governor said it was not bank’s functioning but government policies leading to economic crisis, he suggested that RBI should take initiative to sell at least USD 20 billion of its foreign reserves to tame Dollar. "They should do it in one blow so that it comes down to Rs 50 (per dollar) in which ways all these profiteers will lose their wealth," Swamy opined.

He also alleged that the government of India is allowing rupee fall to benefit son of a cabinet minister who is operating punting from Singapore.

Referring to media reports that RBI is discussing with banks on how to convince temple trusts to deposit their hoard of idle jewellery that could be converted into bullion, Dr Swamy warned that the BJP will oppose government's reported move to take into possession the gold belonging to some temples in a bid to mitigate the crisis caused by the yellow metal.

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