Business India

RBI revelations on demonetisation point to big scam: Mamata

Hinting that the RBI’s latest revelations on demonetisation pointed to a “big scam”, West Bengal Chief Minister Mamata Banerjee on Wednesday claimed the entire exercise of banning high value currencies was a “total flop show’ and demanded a thorough investigation on the issue while urging the Supreme Court to provide justice to people.

“Is not the RBI’s revelation this evening on demonetisation pointing to a big scam?I feel it was totally a flop show. 99 percent of the demonetised currency has come back to the RBI. Only one percent has not returned,” Banerjee, also the Trinamool Congress chief, said on social media.

“The people of India demand an answer and a thorough investigation on this. Since the demonetisation issue has been referred to the Constitution Bench, our humble prayer would be that the Honourable Supreme Court provides justice to the people of this country,” she said.

Taking a swipe at the Central government for the loss of lives and suffering of people after Prime Minister Narendra Modi announced demonetisation of Rs 500 and Rs 1,000 currency notes on November 8 last year, Banerjee alleged that the exercise that was supposed to unearth black money has turned into “a big zero”.

“Hundreds of people lost their lives. Crores of common people – farmers, workers, those engaged in informal sector, small enterprises and other most vulnerable sections of society suffered massive pain,” she said.

She also alleged that the nation lost rupees three lakh crore of the GDP in the fourth quarter after demonetisation.

Banerjee wondered whether the demonetisation was “deliberately set up” by the Central government to help the black money dealers to convert massive amounts into white money.

“Was the system deliberately set up by Government of India to facilitate dealers of black money to convert black money into white in lakhs of crores? What was the hidden agenda?” she questioned.

Revealing the low efficacy of last November’s demonetisation of high-value currency, the RBI said on Wednesday that of the Rs 15.44 lakh crore of notes taken out of circulation, Rs 15.28 lakh crore, or almost 99 per cent, had returned to the system by way of deposits by the public.

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