Mere demonetisation will not check black money, says Akhilesh Yadav

"New notes (Rs 2000) will only make it easier for the people with black money."

By: PTI | Lucknow | Updated: November 12, 2016 4:10 pm
Demonetisation to cover up Modi's failure, says Kerala CPI Thiruvananthapuram, Nov 12 (PTI) CPI's Kerala unit today hit out at the Centre over the demonetisation of Rs 1,000 and Rs 500 currency notes, saying it was a bid to cover up Prime Minister Narendra Modi's "failure" in reining in black money. The demonetisation policy of the BJP-led NDA government will not curb black money as it continues to exist in the forms of gold and stock exchange deposits, CPI State Secretary Kanam Rajendran claimed. Addressing a 'meet-the-press' programme organised by Kerala Union of Working Journalists here, he denied BJP leaders' allegation that black money to the tune of crores of rupees had been stashed away in cooperative banks in the state. "Will demonetisation help in putting an end to blackmoney? Then, what is the means to regulate illegal money in the form of gold and stock exchange deposits?" Rajendran asked. "Modi has been saying for the last two years that he will bring back black money stashed abroad. But, he failed to fulfill his promise and the present demonetisation was an attempt to cover up his failure," he charged. Referring to BJP seeking a probe into money deposited in cooperative banks in the state, the senior CPI leader said the propaganda was part of a calculated move to destroy the cooperative sector, "a backbone" of the state's economy. "Cooperative banks are being operated with the license of Reserve Bank of India. Cooperative institutions are backbone of the state's agrarian sector and play a crucial role in the state's economy," he said, adding that like Kerala, such institutions were significant in Gujarat also. Referring to BJP state general secretary K Surendran's letter to Union Finance Minister Arun Jaitley that huge amount of unaccounted money was deposited in state cooperative banks, Rajendran said he should prove his allegation and reveal its source. In a letter to Jaitley, Surendran had said that an estimated Rs 30,000 crores of black money had been deposited in the cooperative banks in the state and "not a single paise" was paid as income tax on them. Uttar Pradesh Chief Minister Akhilesh Yadav . (Express photo by Vishal Srivastav)

Uttar Pradesh Chief Minister Akhilesh Yadav Saturday said demonetisation of Rs 500 and Rs 1000 currency notes will not serve the purpose of checking black money.

“It’s good that corruption is checked and people become aware that there should not be (any) corruption. But this problem cannot be overcome merely by changing Rs 500 and Rs 1000 notes…those who used to keep such notes are now waiting for Rs 2000 notes…,” Akhilesh said.

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“The government needs to ensure that things like these (corruption) are not repeated in future,” he said on the sidelines of a programme here.

Lauding the balanced development of the state undertaken by the Samajwadi Party government, Yadav said projects such as the Agra-Lucknow expressway will be an achievement of the country in times to come.

“The country’s future depends in the future of the state…If the future of the state is bright, it will also brighten the country’s future,” he stressed.

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  1. I
    Nov 12, 2016 at 5:41 pm
    Modi and BJP playing the most dirtiest trick to win UP election but it is dead sure Modi and BJP will be rewarded with infamous defeat in coming election results.
    1. J
      Nov 12, 2016 at 7:06 pm
      It is good to neutralise funds of Political Parties,stashed away in big notes, through demonetisation. But it is not the brightest of ideas to win elections, if the public are alienated while doing so. Mes cannot be wooed back by incentives alone. Lack of reading of Upnishad is evident. A good idea badly implemented without proper thought of repercussions and planning. Lot of good ideas are coming unstuck because of half measures during implementation.
      1. V
        Vishwas Patil
        Nov 19, 2016 at 2:49 pm
        Demonetization will sure fail. With a army of 50 cr poor people, any amount of Rs. 500/1000 notes can be exchanged - reason behind the long queues. Real 24 cr families would have exchanged their cash within 7 days with 1,00,000 post offices, bank branches without any long queues - max 15 people per hour per counter - was easily manageable - but not for our great FM.