Demonetisation doesn’t address blackmoney problem: Sitaram Yechury

Prime Minister Narendra Modi's "announcement neither addresses the major sources of black money abroad nor those invested in property, gold and such instruments."

By: PTI | New Delhi | Updated: November 9, 2016 8:24 pm
Demonetisation, sitaram Yechury, notes demonatisation, notes scrapped, black money, reserve bank of india, narendra modi government, india news, indian express CPI(M) general secretary Sitaram Yechury.

Government’s move to demonetise high-value currency notes does not address the problem of blackmoney stashed abroad or invested in real estate or gold, the CPI(M) said today, demanding that the names of top 100 defaulters of bank loans be made public. Observing that the move was only meant to “harrass” the people, party General Secretary Sitaram Yechury said “to uncover the illicit money trail, we demand that the govt release the name of Top 100 defaulters of bank loans.”

WATCH VIDEO: Rs 500 & Rs 1000 Illegal: Scuffle At An ATM With People Queuing Up To Withdraw Money

In a series of tweets, he asked “What are the estimates of black money that will be curbed by this move? Govt should make the figures public.”

“What is the cost of withdrawing currency notes and replacing them with Rs 2000 notes? Also, its economic and social costs must be made public,” Yechury asked.

“If no such data exists, as one fears, it only proves that it is another ‘jumla’ like Rs 15 lakh in each account or 2 crore jobs per year,” he said.

Prime Minister Narendra Modi’s “announcement neither addresses the major sources of black money abroad nor those invested in property, gold and such instruments.”

Yechury said the demonetisation exercise was “attempted as a gimmick to divert attention from serious social and political failures of this govt in past 2.5 years.”

WATCH VIDEO: Government Says New Currency Notes In ATMs From November 11

He said the government’s move was “poorly planned and not thought through” and it meant “harassment for millions not connected to the banking system.”

Quoting reports about ATMs drying out and train counters or others refusing to accept Rs 500 currency notes, he said the worst-hit are the working people, daily wagers and the salaried class.”

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  1. P
    Praveen
    Nov 10, 2016 at 7:33 am
    I support CPM stand on this issue. It seems that this government believe in creating hysteria
    Reply
  2. D
    Dash
    Nov 9, 2016 at 1:17 pm
    lt;br/gt;Shame on CPM.
    Reply
  3. R
    Ramesh Chhabra
    Nov 10, 2016 at 10:27 am
    If the public is getting har, who and how will public will get support.
    Reply
  4. S
    subrata
    Nov 9, 2016 at 2:44 pm
    Why such protest by opposition? They should now press for npa recovery .why such negative approach all the time?
    Reply