'Treason' jab and tax alert

New Delhi: Yoga televangelist and swadeshiconsumer goods entrepreneur Baba Ramdev on Monday said those opposing demonetisation were guilty of treason and would face "punches from the people". He claimed that finance minister Arun Jaitley was examining a proposal from him to replace all taxes, except customs duty, with a banking transaction tax. "Jaitley sahib told me 'Babaji, look, we have implemented your 500-1,000 rupee note (suggestion) with full honesty. Your taxation issue is stuck'. That means it is under his consideration. Whenever I meet him I remind him about it," Ramdev said. "Regarding our transaction tax, if that were also done, then you (reporters) would again say that the government has put the country in crisis." Ramdev was addressing a media conference that the Hindu Dharma Acharya Sabha, which claims to be the "apex body of all Hindus", had called in support of the demonetisation drive, drafting in several preachers for the purpose. In January, Ramdev had called for an industry-specific banking transaction tax and a ban on all 500 and 1,000-rupee notes. He had claimed BJP support for his idea: the party did not issue a denial. Today, he elaborated on the benefits of the demonetisation. "The funding of terrorists and Naxalites has stopped. One lakh people have died in terrorist attacks since Independence. Demonetisation is the biggest attack on terrorists," he said. "Those who oppose it are committing treason. Parties should not play politics with the national interest.... When people did not change, the decision was taken to change notes." He seemed to be claiming credit for the Reserve Bank instruction to cooperative banks, issued five days after the demonetisation, barring them from receiving invalid notes. "I told the government that some cooperative banks had accepted deposits of hundreds, thousands of crores from individuals as soon as the note ban was announced," Ramdev said. He predicted several other collateral benefits from the demonetisation drive. "Interest rates will fall. People will be able to build houses easily. Doing business will become easy.... The interest rate will come down to 7 per cent," he averred. He had a word of caution for the government too: "The government must only bring in small quantities of the 2,000-rupee note. It can be banned later. Otherwise the wheel of black money will turn again." Ramdev then dwelt on what can be done next against the corrupt. "The next target are those (Indians) who have black money abroad. Switzerland has no power, no army, no support from other countries. That country is so weak that, let alone the army, if our lathi-wielding men from Haryana reach there, they will bring them to their senses." The Swiss National Bank estimates that the total deposits in all Swiss banks by Indians amounted to Rs 9,295 crore at the end of 2010. The Swiss foreign ministry has confirmed the figure on an Indian request for information