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Demonetisation: Did the big sharks know about it?

In the wake of the crisis situation faced by the people at large following the crackdown on black money by…

Demonetisation: Did the big sharks know about it?

(Photo: AFP)

In the wake of the crisis situation faced by the people at large following the crackdown on black money by the Narendra Modi government, political parties and the common man alike are questioning if some corporates had any inkling about the move.

The Trinamool Congress party and the Aam Aadmi Party on Saturday demanded rollback of the decision while the public continued to face harassment owing to the decision. Common people for the third consecutive day stood in long queues outside banks and ATMs for several hours to get their money to run day to day life. 

The demonetisation move of the government has disrupted the lives of thousands of people across the country as many bunk work to get cash from the banks only to be disappointed as banks run out of cash within first few hours of opening. And, several ATMs are still not equipped to dispense new currency notes.

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West Bengal Chief Minister Mamata Banerjee and Delhi Chief Minister Arvind Kejriwal have demanded rollback of demonestisation drive in view of the fact that the common man is suffering and struggling to survive. 

Claiming that the Narendra Modi government’s move to crack down on black money has turned out to be a big scandal, Banerjee said the common citizens faced hardship and full advantage was given to the money launderers. 

She called upon all the parties including rival CPM to come together for a united political fight against BJP. 

Kejriwal too called the demonetisation of currency notes a scam and claimed that an influential circle of politicians and businessmen were already informed about the decision to be taken by Centre. He also accused the government of safeguarding the interests of big fish who have safely stashed their illegally accumulated wealth. He further said: “I want to ask Amit Shah ji, who owns black money – Ambani, Adani, Sharad Pawar or farmers, labourers and aam aadmi of the nation?”

“One can see it from the fact that many banks which had shrinking deposits from many months suddenly saw growth of two to three per cent in July to September quarter. This growth means many thousand crore rupees jump in deposits. Whose money was it,” Kejriwal asked. 

The Congress questioned the prime minister’s absence from the country at a time when the public is facing “harassment and inconvenience”. The decision as one taken in haste without proper planning due to which people have been put to much hardships, said party spokesperson Kapil Sibal adding that black money was in the form of assets with the people the BJP is close to.

Calling the move to demonetize high denomination currency against the people, renowned economist Prabhat Patnaik said, “Demonetization move is causing much hardship to ordinary people and will do little to eliminate black money as a lot of money remains stashed abroad.” 

Modi had before elections suggested the bulk of black money was located abroad and promised to bring it back. Although the government cracked down on some hawala and currency traders allegedly converting black money into foreign currency to be kept in foreign deposits, will they be able to stop it altogether given the not too impressive size of taxmen in the country? And, as it appears, only small fish are under the net while the big ones seem to be untouched or undeterred by the whole event. 

“They are travelling overseas and holidaying while taxmen tightened the noose around small businesses in cities,” a business man in Delhi under the condition of anonymity said.

By Anjul Tomar

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