Opposition to demonetisation is a political vendetta: Mazumdar-Shaw

The Biocon chief belives govt's 'excellent step' would 'flush out the ill-gotten wealth'.

Bengaluru: Biocon chief Kiran Mazumdar-Shaw today termed the united stand of the opposition parties in Parliament against demonetisation as a "political vendetta" even as she hailed the Centre's move as an "excellent step" which would "flush out the ill-gotten wealth".

"The united stand of the opposition against the Narendra Modi-led NDA government is nothing but a political vendetta as they have alleged that the BJP had encashed or legalised black money as they knew of the impending demonetisation move beforehand," she told PTI here.

Shaw came out in support of the demonetisation saying it was an "excellent step to flush out black money and fake currency notes from circulation", but added that the Centre should have addressed the issues of preparedness "in a better way" to handle the currency crunch, which the people were facing everyday.

"It (demonetisation) is an excellent step taken by Prime Minister Narendra Modi. This will flush out all the ill-gotten money, including fake currencies and black money. But, I personally feel the situation could have been handled better if the Centre had addressed the issues of preparedness to handle the currency crunch situation. Reserve Bank of India could probably have done a better job," she said.

The Biocon Limited chairperson and managing director said the move would "surely benefit" the common people, daily wagers and middle class who use plastic money for several transactions.

The real estate and jewellery sectors have suffered the most, Shaw said, adding that these two needed to suffer anyway as most of the transactions there were done in cash. "The move has affected the real estate and jewellery sectors a lot as most of the transactions are in cash. The shortage of cash in the market will result in demand going down and consequently, there will be a drop in real estate and jewellery prices, which is good for the common people," she said.

"These two sectors need to suffer because a lot of transactions take place in cash. I wish there should be more cashless transactions in these two sectors," Shaw added.

She, however, refused to comment on the intention of the Centre's demonetisation move as to whether it was for the betterment of the people and country or a political stroke to flush black money out of the opposition's possession in the run-up to the 2017 Uttar Pradesh Assembly election.

"I really cannot say what the purpose behind the Modi government's demonetisation move was, whether it was done to benefit the?people and the country or was it to flush black money out of the possession of the opposition who were ready to use it in?the upcoming Uttar Pradesh Assembly election.

These are another set of allegations coming from the other sections of the society," Shaw said.

( Source : PTI )
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