VIJAYWADA: Describing demonetisation as a big scam that had only increased corruption and legalised black money, CPM general secretary Sitaram Yechury said it is an undeclared financial emergency by Modi Sarkar.
"It will be more than a year, before normalcy can return," he said while inaugurating Makineni Basavapunnaiah Vignana Kendram in Vijayawada on Tuesday.
Speaking on the occasion, he said when the RBI government himself had announced more than a week ago that 82 percent of the demonetised value of the notes were back in the banks and with time till December 30, it goes without saying that more money would be deposited.
Which in other words is to say black money will get deposited in the banks and counterfeit currency too will get deposited with bankers having no time to check whether notes are genuine or not, ultimately making them legal.
“Demonetisation had failed to check corruption but only increased it,” he said.
Left leader said there is evidence that BJP people and state units have deposited large amounts of old notes with banks hours before Prime Minister’s announcement. “How did they do it. It only points to very big scam. We have demanded a Joint Parliamentary Committee be formed to probe into allegations and expose the scam,” he said.
He also wondered as to how some individuals are able to have Rs 80 crore worth new currency notes, when the banks are finding it hard to get even Rs 1 crore cash. One is now forced to wonder if there is something wrong at the RBI printing press of the currency note and distribution system itself, he said.
“It might have taken more than a year for people to realise the impact of emergency announced by Indira Gandhi, but now it will take less time than that for people to feel the impact of the undeclared financial emergency,” he said.