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Tycoon hosts lavish wedding amid India cash woes
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A CONTROVERSIAL Indian mining tycoon has taken over a royal palace and flown in Brazilian dancers at a reported cost of US$75 million to celebrate his daughter’s wedding yesterday, as the country reels from a cash crisis.
Up to 50,000 people are expected at the sprawling Bangalore Palace, a mock Tudor castle in southern India, to celebrate the wedding of Gali Janardhan Reddy’s daughter, who was married in a Hindu ceremony earlier in the day.
Local media criticized the extravagance at a time when many Indians are struggling to find the cash to buy food following the government’s shock move to pull high-value notes out of circulation in a bid to tackle tax evasion.
But one associate defended the lavish expenditure, saying Reddy wanted people to remember the wedding of his only daughter. “It is unfortunate that a daughter’s wedding has been made an issue out of envy and rivalry,” Manju Swamy said. “It’s an important moment for her parents and they wanted to celebrate the event in a way that befits the family’s status in society.”
India’s Prime Minister Narendra Modi announced last week that 500 rupee (US$7.50) and 1,000 rupee bills — 85 percent of the cash in circulation — would cease to be legal tender. Indians can change a limited number of old notes for new ones at banks and post offices, but there have been huge queues since they reopened last Thursday.
Indians rely heavily on cash for their daily transactions and those living in rural areas or who do not have bank accounts have been particularly hard hit.
The 49-year-old Reddy, a former minister with the ruling Bharatiya Janata Party in the southern state of Karnataka, spent three years in jail for his alleged involvement in a mining scam before he was released on bail last year.
Speaking last week, he refused to reveal how much he was spending on the celebrations, but said everything would be declared to the tax authorities.
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