In yet another political attack on the Narendra Modi government over the initiation of the demonetisation policy, CPI(M) had urged the central government to legalize the the scrapped Rs 500 and Rs 1,000 notes if the government fails to supply new currency notes equal in value to the demonetised notes. Blaming the Modi government for the continuing public distress, CPI(M) general secretary Sitaram Yechury claimed that the chaotic situation among cash-starved people trying to get a grab of usable cash will persist if the center doesn’t legalize the old scrapped notes after December 30.
Stating the demonetisation policy as a ‘very big scam’, the CPI(M) general secretary claimed that several BJP associates had deposited their money in old notes hours before the announcement of the ban on notes. Yechury had also called for a Joint Parliamentary Committee to probe the newly implemented policy, citing that many people came to know of the anti-graft policy before November 8 and had already exchanged or laundered their black money with ease.
Over the Reserve Bank of India (RBI) Governor, Urjit Patels claim that 82 per cent of the demonetised notes is back into the banking system, Sitaram Yechury predicted that, after December 30, there will be more money back in the banking system than the total amount demonetised.
There had been a chaotic situation among the common people of the country since the Prime Minister, citing the rise in the flow of black money in the country, had put a ban on currency notes of the denomination Rs 500 and Rs 1,000. And even more than a month after the implementation of the anti-graft policy, several people had been seen standing on ‘never-ending’ queues, waiting for hours, outside banks and ATMs, even as the money machines run out of cash.