Demonetisation created financial emergency, TMC’s stir staged: CPM

Sitaram Yechury said that PM Modi’s speeches on curbing black money through demonetisation was an “eyewash” and the move had only resulted in a “financial emergency”.

By: Express News Service | Kolkata | Published:December 7, 2016 12:00 am
Sitaram Yechury and  Surjya Kanta Mishra at Sahid Minar  ground in Kolkata.  Partha Paul Sitaram Yechury and Surjya Kanta Mishra at Sahid Minar ground in Kolkata. (Express Photo by Partha Paul)

CPM national general secretary Sitaram Yechury on Tuesday said that PM Narendra Modi’s speeches on curbing black money through demonetisation was an “eyewash” and the move had only resulted in a “financial emergency”.

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“About Rs 15.3 lakh crore was in circulation in the shape of 500 and 1000 denominations. As per latest reports, an amount of Rs 12.6 lakh crore has been deposited and if the remaining Rs 2.7 lakh crore is deposited in the banks by December 30, which is the deadline, then it will show that Modi had helped people convert black money into white.

“If the amount exceeds Rs 15.3 lakh crore, it will show that fake currency has also been deposited. In all, a huge majority of common people have been harassed and only helped the rich,” Yechury said at a public meeting at central Kolkata’s Shahid Minar Ground to mark the demolition of the Babri Masjid 24 years ago.

Yechury added that while Modi had spoken a lot about terror funding, he should have known that the same is done by transferring money electronically.

He said that unlike TMC, the CPM was not asking for a rollback. “We are asking for the old notes to be allowed in circulation till enough replacement cash has been printed. Those who are asking for a rollback are doing so because they have a lot of black money in their possession. We have seen how they buy elected representatives of other parties. To fight the communal practices of the central government and its corruption, we need people who are free from corruption themselves,” he said, adding that people should give Modi a fitting reply in the 2019 Lok Sabha elections.

Party state secretary Surjya Kanta Mishra, who spoke before Yechury, ridiculed the TMC’s protests against Modi, alleging they were “staged”. “It reminds me of the TV serial Ramayana, which shows actors in the role of Ram and Ravana having heated arguments on camera. But once done, they sit together in the green room, smoking the same cigarette,” Mishra said.

Mishra alleged that BJP was trying to divert public attention ahead of the Uttar Pradesh Assembly polls. “They had done the same thing with Babri Masjid in 1992 and now with demonetisation because they have failed on all fronts in implementing the assurances they had made,” he said.

Referring to his party’s refusal to join hands with TMC in protest against the Centre, he said, “Will the Mamata Banerjee government fight against Modi? One should not believe her. She had joined hands with the BJP after the demolition of Babri Masjid in 1992.”

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