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'Breaking: Rupee slips to 73.77. It's not breaking - it's Broken', says Rahul Gandhi

By FnF Correspondent | PUBLISHED: 04, Oct 2018, 18:33 pm IST | UPDATED: 07, Oct 2018, 17:38 pm IST

'Breaking: Rupee slips to 73.77. It's not breaking - it's Broken', says Rahul Gandhi New Delhi: As the Rupee hit a record low of Rs 73.77 against the US dollar, Congress President Rahul Gandhi Thursday said the Indian currency is not breaking, but is "broken".

The rupee collapsed to a fresh low of 73.77 against the US dollar Thursday, as global oil prices continued to rise, deepening concerns about the current account deficit and capital outflows.

"Breaking: Rupee slips to 73.77. It's not breaking - it's Broken," Gandhi said on Twitter.

Gandhi Wednesday hit out at Prime Minister Narendra Modi questioning his silence over the falling value of the Indian Rupee.

He tweeted in Hindi that fuel and gas prices are on the boil and there is an outcry in the public and asked till when the prime minister will be on silent mode.

"The rupee has crossed the 73 mark and price rise is causing an outcry. Fuel and gas prices are on fire and markets are scurrying. Till when will the 56-inch chest be on 'silent mode'," he tweeted and asked what happened to the promise of 'achche din'.

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, have kept the rupee under pressure.

State-owned oil marketing companies have been allowed to raise USD 10 billion from overseas market to meet their working capital needs.

At the interbank foreign exchange, the rupee opened lower and slipped further to a fresh low of 73.77 a dollar against 73.34, a fall of 43 paise.

Statement Issued by Randeep Singh Surjewala, In-Charge Communications

After inflicting a ‘thousand wounds’, Modi Govt applies ‘Band- Aid’ !

 Facing public ire and imminent defeat in the 5 election going states, Modi Government attempted to apply ‘Band Aid’ on the thousand wounds inflicted by it by massive profiteering in the prices of petrol, diesel, kerosene oil, cooking gas, CNG, PNG and Natural Gas. Let Prime Minister, Shri Modi remember that he cannot befool the people of India. We challenge the PM and FM to answer to people on the following issues:-

 1.      ANSWER TO THE PEOPLE FOR 13 LAKH CRORE ‘FUEL LOOT’

Since May 2014, Modi Govt has fleeced and duped the common people by draconian taxation of ₹13 Lakh Cr.

While FM Jaitley ‘lies’ again by saying that the increase in Government revenue is on account of increase in tax base, he hides the Rs 13 lakh Crore ‘Fuel Loot’ completely, which is fueling the coffers of Modi Govt. Please peruse Annexure A1reflecting the Rs 13 Lakh Cr ‘Fuel Loot’.

2.      ANSWER TO THE PEOPLE FOR HIKING CENTRAL EXCISE DUTY ON 12 OCASSIONS

Since May 2014, Modi Govt, has increased ‘Central Excise Duty’ 12 times – raising the Central Excise on Petrol by 211% and on Diesel by 443%. ‘Customs Duty’ has been increased manifold. Please peruse the chart reflecting the Central Excise Duty hike on petro products at 12 different times as Annexure A2.

When Congress demitted power in May 2014, Central Excise Duty on Petrol was merely ₹9.23/litre. Modi Govt has raised it to ₹19.48/litre. In May 2014, Excise Duty on Diesel was merely ₹3.46/litre. Modi Govt has raised it to ₹15.33/litre. Giving a paltry relief of ₹1.50/litre is insignificant and like a needle in the haystack!

3.      ANSWER WHY FUEL ROBBERY CONTINUES EVEN AS CRUDE OIL PRICES HAVE REDUCED BY 45%

On May 16, 2014, the price of Crude Oil was $107.09/barrel. Present price of international crude today is $86/barrel. Average Crude price during 52 months of Modi Govt is $58 /barrel nearly i.e 45% less than the UPA tenure. Still, the Petrol/Diesel prices continue to skyrocket at much higher levels during Modi Govt.

 

CONGRESS-UPA GOVT

बीतेदिन ! May 16, 2014

BJP-MODI GOVT

अच्छेदिन?Sept 10, 2018

DIFFERENCE IN 52 MONTHS

PETROL

₹71.41

₹84.00

Increased by ₹ 12.59

DIESEL

₹55.49

₹75.45

Increased by ₹19.96

(Based on Prices in Delhi)

 

4.   ANSWER WHY MODI GOVT SELLS CHEAP PETROL/DIESEL TO 29 FOREIGN COUNTRIES-DUPES INDIANS

Petrol and Diesel in India is sold in the range of ₹84 - ₹91 from and ₹75 to ₹80 respectively (Delhi & Mumbai) but an RTI reply has revealed that Modi Govt is selling Petrol to 15 foreign countries at just ₹34/litre and selling Diesel to 29 foreign countries at a pittance of ₹37 only! These countries include- England, Australia, America, Malaysia and Israel. This is how Modi Govt has betrayed and backstabbed the people of India.

5.   ANSWER FOR ‘DOUBLE FUEL LOOT’ –BJP STATES LOOT BY EXORBITANT VAT RATES

Exorbitant VAT/Sales Tax in BJP/ allies ruled States is burning a hole in people’s pockets.Why don’t they reduce VAT?

States

Value Added Tax on Petrol (%)

Value Added Tax on Diesel (%)

Chhattisgarh

26.87%

25.74%

Gujarat

25.45%

25.55%

Maharashtra

39.12%

24.78%

Rajasthan

30.80% (Reduced 4% because of Bharat Bandh)

24.09% (Reduced 4% because of Bharat Bandh)

Madhya Pradesh

35.78%

23.22%

Jharkhand

25.72%

23.21%

Assam

30.90%

22.79%

 

6.      ANSWER WHY COOKING GAS PRICES ARE SKYROCKETING

Cost of 14.2 kg Non-subsidized in May 2014 was 414 per cylinder. As of today, this cost has risen to 831 per cylinder i.e a whopping increase of ₹400(approx.) per cylinder in 52 months of Modi Govt. Similarly, Price of Subsidized Gas Cylinder have gone up from  412 per cylinder (May 2014) to  502 per cylinder (Sept 2018) i.e increase of  90 per cylinder in 52 months of Modi Govt. (Prices as applicable in Delhi).Why is Modi Govt not rolling back the price?

7.      ANSWER WHY KEROSENE PRICES ARE BREAKING THE BUDGETS OF THE POOR

Retail selling prices of PDS Kerosene

Date

PDS Kerosene

(Rs./litre)

01-04-2014

14.96

01-09-2018

26.61

8.      ANSWER WHY CNG PRICES HAVE BEEN INCREASED FROM 35.20/kg in May 2014 to ₹40.61/kg today i.e an increase of ₹5.41/kg (in Delhi) in 52 months of Modi Govt

9.      RUPEE SLUMPS TO ₹73.77 TODAY. Likely to cross the Age of BJP’s ‘Margdarshak Mandal’. Economy in Doldrums as ‘Modinomnics’ wreaks India’s Economic Growth story.

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