Communist Party of India (Marxist) general secretary Sitaram Yechury has accused the Narendra Modi Government of unleashing a “financial emergency” in the name of demonetisation of high denomination currency. The move would have a bearing on the country’s economic growth, he said.
He alleged that the Government’s efforts to protect capitalists who crippled the functioning of the banks saddling them with huge non-performing assets was evident from the fact that none of the objectives which the Prime Minister listed out at the time of demonetisation was achieved.
“Huge loans obtained by capitalists like Vijay Mallya turned into NPAs. The Government, instead of confiscating their properties, has been protecting them,” he said. Mr. Yechury was addressing a public meeting on Dalit rights here on Sunday.
He said Mr. Modi sought 50 days time to recover black money hoarded by the rich and influential as part of the demonetisation exercise.
‘Corruption has doubled’
“Given the huge amounts that have been deposited in banks, it is evident that black money has been converted into white. Even counterfeit currency about which the Prime Minister expressed his anguish has been converted into legal tender during the demonetisation process,” he said.
While Mr. Modi claimed that it would be a step against cross border terrorism and corruption, the incidents of killing of soldiers had doubled since the past four months and the “corruption rate” had been doubled.
