Demonetisation was organised loot, helped convert black money into white: TMC

TMC parliamentary party leader in Lok Sabha, Sudip Bandopadhyay, alleged that demonetisation didn't achieve its stated objectives and instead, destroyed the nation's economy. "High-value notes were demonetised stating it was being done to curb black money. But in reality, the move not only failed to curb it but on the other hand, helped convert black money into white.

Kolkata: Trinamool Congress (TMC) on Tuesday described demonetisation as "organised loot" and claimed that it helped convert black money into white. On this day in 2016, Prime Minister Narendra Modi had announced the demonetisation of the old Rs 1,000 and Rs 500 banknotes, citing the promotion of digital payments, curbing of black money and elimination of terror funding as the key objectives.

TMC parliamentary party leader in Lok Sabha, Sudip Bandopadhyay, alleged that demonetisation didn't achieve its stated objectives and instead, destroyed the nation's economy. "High-value notes were demonetised stating it was being done to curb black money. But in reality, the move not only failed to curb it but on the other hand, helped convert black money into white.

"Demonetisation destroyed the country's economy and small businesses. A lot of people lost their jobs. It was a gimmick, and the common people had to pay the price. It was organised loot," Bandopadhyay told reporters. Echoing him, West Bengal Industry and Commerce Minister Shashi Panja said the "unplanned policy" was a complete disaster.

"Demonetisation was an unplanned policy that resulted in a complete disaster. The markets crashed, the economy dwindled, and black money was still in use. Our leader Mamata Banerjee was the first to term this a draconian decision and disaster, and she was proved right," she said. The BJP, on the other hand, claimed that demonetisation helped more people come under the ambit of income tax.

"Demonetisation has helped more people come under the ambit of income tax. It would be wrong to expect black money to evaporate suddenly," BJP state spokesperson Samik Bhattacharya said. (PTI)

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