Sitaram Yechury hits out at Modi’s demonetisation move, says corruption, black money, terrorism still flourishing

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Published: May 9, 2017 12:51:13 PM

CPI-M General Secretary Sitaram Yechury on Tuesday hit out at Prime Minister Narendra Modi over demonetisation saying corruption, black money and terrorism which he sought to end with the note ban, were flourishing post the economic move.

CPI-M General Secretary Sitaram Yechury on Tuesday hit out at Prime Minister Narendra Modi over demonetisation saying corruption, black money and terrorism which he sought to end with the note ban, were flourishing post the economic move. (IE)

CPI-M General Secretary Sitaram Yechury on Tuesday hit out at Prime Minister Narendra Modi over demonetisation saying corruption, black money and terrorism which he sought to end with the note ban, were flourishing post the economic move. “Six months after demonetisation, corruption, black money and terrorism – three claims Modi made of having ended – flourish at an even stronger pace,” the Communist Party of India (Marxist) leader said on social networks. “Six months on, still no data on how much money in old currency notes has returned to the system”, he said wondering if the move was legalisation of counterfeit currency.

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He described Modi’s November 8 move to demonetise Rs 1,000 and Rs 500 notes as an economic disaster. “Government has let the big fish — bank loan defaulters — off and ruined India’s informal economy which employs more than two-third of Indians and contributes more than half of our GDP.” “All this while, the only movement on jobs has been backwards, as the number of jobs continues to decline. Modi’s promise was of two crore new jobs every year,” added Yechury.

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