BENGALURU: The recent demonetisation by the Prime Minister Narendra Modi has favoured private capitalists and failed to bring out stashed black money, said Prashant Bhushan, an advocate and founder members of Swaraj Abhiyan.
Participating at the face to face discussion on “Demonetisation: Pros and cons and solution” on Sunday at the Central College, he said that National Democratic Alliance (NDA) is most irrational government.
According to the NDA government, the demonetization was aimed at curbing black money and to put a full stop to the supply of money for terrorist activities, he said. But, now the union government is giving making India cashless society as the reason for the demonetisation, he said.
About 50 per cent of the people in the country do not have bank accounts and how can the society be made cashless, he questioned.
The job creation in production sector has been hit severely and there is a drop of 35 per cent in employment generation. The earning capacity has dropped by 50 per cent.
This is an indication that there was no preparation or consultation with the financial experts before announcing demonetisation of high value denomination currencies of '500 and Rs 1,000, he charged.
Before making the society cashless, let all the political parities go cashless. It takes at least nine months to supply newly printed currencies as against the flushed out currencies which stands at 86 per cent. Public has no relief till such time, he added. Prime Minister Narendra Modi is depicting himself as hero for his attack against the black money. If he has any seriousness, let him bring back the money stashed in Mauritius, Switzerland and other countries and make the names public. The money parked in foreign banks are making entry to benami companies. Some of the parked money is going to companies like Reliance, he said.
“I have written to Mr Modi to bring back the parked money to the India. Unfortunately, there is no reply at all,” Bhushan added.
