Demonetisation is like PM clearing the pond to kill crocodiles: Sitaram Yechury

Yechury asked the government to allow old notes to be transacted for all white transactions and public purposes till alternative arrangements were put in place.

By: Express Web Desk | New Delhi | Updated: November 17, 2016 1:28 pm
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CPM general secretary Sitaram Yechury tore into the Central government’s demonetisation policy, saying the move will not end corruption in the country. Participating in a debate on the issue in the Rajya Sabha, Yechury said, “If you stop Rs 500, and Rs 1,000 notes, do you think corruption will stop? Now corruption will double with Rs 2000 notes.”

“Small fishes are dying, while big crocodiles are enjoying. Demonetisation is like PM clearing the pond to kill the crocodiles. Not realising crocodiles can live on land as well,” Yechury said. Questioning the government’s logic behind scrapping old Rs 500, Rs 1000 notes, Yechury said that 86 per cent of the transactions in the country are in cash and 80.8 per cent of the rural population was not covered by the banking system. He said only 6 per cent of the black money is in cash.

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Yechury said that the country today was living on cash transactions of 14 per cent.  Criticising Prime Minister Narendra Modi, he said, “None of the points said by PM stand on any strong footing, whether it’s terror funding, black money, counterfeit currency, or corruption. If none of the objectives are to be fulfilled by this, what is the meaning of this move?”

Yechury rued that plantation workers have been committing suicide, unable to make ends meet, and truckers across the country were feeling the heat over the issue. Yechury asked the government to allow old notes to be transacted for all white transactions and public purposes till alternative arrangements were put in place.

In a surprise move on November 8, the Modi government scrapped the use of Rs 500 and Rs 1,000 currency notes.  Since then, people across the country have been been queuing up outside banks and ATM to withdraw and deposit notes. (With ANI inputs)