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Demonetisation failed in curbing black money, corruption: Kejriwal

Chief Minister Arvind Kejriwal on Tuesday said demonetisation by the Narendra Modi government has failed in curbing both the black money and corruption.…

Demonetisation failed in curbing black money, corruption: Kejriwal

Arvind Kejriwal (Photo: Facebook)

Chief Minister Arvind Kejriwal on Tuesday said demonetisation by the Narendra Modi government has failed in curbing both the black money and corruption.

Speaking to reporters, Kejriwal alleged Prime Minister Narendra Modi’s real motive behind the recent demonetisation of Rs.500 and Rs.1,000 currency notes was to help banks waive off loans worth nearly Rs.8 lakh crore to big businessmen and industrial houses.

“It (demonetisation) didn’t end black money or corruption. It’s still going on the same way. Then why did he (Modi) do it? Banks had non-performing assets (NPAs) worth Rs.8 lakh Crore. Rs.1.44 lakh Crore of it was waived off during past two years. The Centre government is yet list of this to the Supreme Court,” he said.

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“Banks were going bankrupt because of NPAs. So this has brought Rs.14 lakh Crore into the banking system. So now this money will be used to waive off loans worth Rs.8 lakh Crore,” Kejriwal added.

The AAP leader alleged as many BJP men have been caught with huge amounts of new currency notes, it’s clear that the saffron party used demonetisation to make money on commission basis. “As banned currency deposited in the banks is more than the currency that was in circulation, it’s clear that even the fake currency notes have also been deposited in banks. It’s a massive scam,” Kejriwal said.

He said that the BJP has shared the demonetisation with its party leaders as the party bought land with old currency notes days before 8 November when the move was announced.

“They (BJP) have made huge money out of it,” Kejriwal alleged. Questioning the Reserve Bank of India’s role in the demonetisation, the Delhi CM said Modi government is playing with every institution in the country.

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