Demonetisation: PM Modi lying… bad politician, worse administrator, says Mamata Banerjee

Mamata was referring to a report published by the Centre For Monitoring Indian Economy (CMIE) that was published on Thursday.

By: Express News Service | Kolkata | Published:November 26, 2016 3:40 am
mamata banerjee, mamata, narendra modi, modi, pm modi, modi mamata, demonetisation, black money, modi demonetisation, india news, latest news, indian express West Bengal Chief Minister Mamata Banerjee. (PTI File Photo)

A day after Chief Minister Mamata Banerjee returned from Delhi, she accused the Prime Minister of “spreading lies” over demonetisation. She claimed on Friday that around Rs 1.30 lakh crore were “lost forever” after Rs 500 and Rs 1,000 currency notes were scrapped. In a statement, Mamata said, “Shocking that Rs 1.28 lakh crore have been lost forever due to note-ban only in ‘transactions’ in the country, says CMIE, top research body. World-famous Moody’s says ‘note ban will badly disrupt economic activity’.”

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Mamata was referring to a report published by the Centre For Monitoring Indian Economy (CMIE) that was published on Thursday.

It said that the cost of withdrawing high-denomination currency notes to wipe out black money from the country will be about Rs 1.28 lakh crore during the 50-day window till December 30, the Centre for Monitoring Indian Economy (CMIE) said.

The overall cost could be much higher, the private economy watcher estimated.

The demonetisation invalidated 86 per cent of the Rs 17.8 lakh crore of currency that was in circulation on October 28. “A steady stream of news reports of empty mandis, low footfalls at malls and drop in business in restaurants, stressed factories paint a grim picture of the effects of a sudden withdrawal of liquidity from markets,” the CMIE report said.

Mamata, who has been repeatedly taking on Modi, continued asserting herself as the champion of the common man, while opposing Modi. “Common people are suffering miserably while Modiji is relaxing and spreading lies,” she said.

Claiming that the Opposition has united in the movement against demonetisation, Banerjee yesterday said any movement was bound to succeed if people were involved in a massive way.

“Modiji has lost all credibility. A bad politician and even worse administrator. He is lying,” she said. The TMC would organise a rally in city on November 28. Mamata is scheduled to address a meeting in Lucknow on November 29 and in Patna the next day.