CPI(M) general secretary Sitaram Yechury said here on Sunday that the demonetisation of currency notes by the BJP government was aimed at injecting fresh resources into the banking system to be disbursed as loans to corporates.
Addressing a press meet on the decisions taken by the party Central committee, he said the thrust to move towards digital transactions would be a bonanza for international finance capital and corporates. Each digital transaction would involve a transaction cost burdening the consumer and generating profit for corporates. A total of Rs.11 lakh crore remaining in banks would now be disbursed to corporates.
Poor Net penetration
Mr. Yechury said the shift to a digital economy would be a daunting task because of the poor penetration of internet and smart phones in rural India. “None of the four objectives — combating black money, corruption, counterfeit currency, and terrorist funding — that the Prime Minister listed as the reason for demonetisation, have been met. With 97 per cent of the demonetised currency now returning to the banks, it is clear that whatever black money was held in cash has been converted into white money.”
He said the CPI(M) would launch a nationwide campaign to highlight the loss of lives and livelihood due to demonetisation and demand compensation from the government.
Mr. Yechury released the second edition of a book titled Demonetisation: Myths and Reality authored by State Finance Minister T.M. Thomas Isaac. Party State secretary Kodiyeri Balakrishnan was present.
