Demonetisation Helped Convert Black Money into White: CPI-M

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DMK President M.K. Stalin termed the demonetisation as “one man made disaster for India”

NEW DELHI (IANS) — The Modi government’s “disastrous demonetisation” devastated crores of people dependent on daily cash transactions and helped to convert black money into white, the CPI-M said on Thursday.

“On the second anniversary of demonetisation, the Indian economy is yet to recover from the disaster imposed on our economy and the people by Prime Minister (Narendra) Modi,” the Communist Party of India-Marxist said in a statement.

“All the claims that it would unearth lakhs of crores of rupees of black money and end corruption have proven to be utterly false.

“On the contrary, with 99.4 per cent of the banned notes back in the system, it is clear that demonetisation has, in fact, been the avenue to convert black money into white, helping the most corrupt,” it said. 

“On the other hand, crores of people dependent on daily cash transactions have been devastated and more than 35 lakh workers in the unorganized sector lost their livelihood.

“Similarly, the SMEs (small and medium enterprises) have suffered a huge loss in revenue. Nor has there been any impact on terrorist activities due to funding crunch as claimed by
Modi at that time.

“On the contrary, official data reveals that incidents of terrorist attacks have more than doubled,” the CPI-M said.

The CPI-M also condemns the “shameless defence” being put out by Finance Minister Arun Jaitley, who is equally responsible for the mess in the Indian economy,” the statement said.

Demonetisation disaster hurt economy severely: Stalin

Meanwhile, DMK President M.K. Stalin and PMK Founder S. Ramadoss on Thursday criticised the Central government for demonetising the Rs 500 and Rs 1,000 rupee notes in 2016.

In a tweet M.K. Stalin termed the demonetisation as “one man made disaster for India”.

On November 8, 2016, Prime Minister Narendra Modi in a television broadcast announced demonetisation of Rs 500 and Rs 1,000 rupee notes.

In his tweet Stalin said: “People were brought on streets with their money declared illegal. Indians stood in endless lines and many died outside banks, millions of jobs were lost, small industries shut and the economy hit irreversibly.”

On the other hand, Ramadoss said the day marks the second anniversary of not only demonetising Rs 500 and Rs 1,000 rupee notes but also of hurting the economy severely.

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