India

‘It’s another gimmick with insignificant result’

500-note

BeyondHeadlines News Desk

New Delhi:  While welcoming any serious initiative aimed at curbing the menace of black money and corruption, Welfare Party of India in a statement said that decommissioning of 500 and 1000 denomination notes will be of insignificant result.

Party national general secretary P.C. Hamza in a statement said instead of taking surgical steps to bring the huge black money worth multimillion dollars deposited in safe havens abroad, the Modi government is resorting to gimmicks. The present move will give little benefits but will bring unbearable hardships to common people.

“Black money is not usually kept in liquid cash but siphoned off to foreign countries, deposited there or invested in real estate and such ventures here. The government miserably failed in bringing that black money back and deposit in each citizen’s account to the tune of Rs 15 lakh as promised by Mr. Modi during his election campaign in 2014. It failed in even bringing back one Vijay Mallya who left the nation robbing public banks worth crores in thousands.  The government, if serious, must make the names of all such people who have black money deposits abroad and also the names of companies and persons who have cheated public banks by defaulting loan returns.

Demonetizing existing 500 and 1000 notes and introducing new 2000 denomination note seems illogical and the entire process involves huge operational cost to the public exchequer. The ultimate return on the cost investment from the process will be negligible. The withdrawal of the notes will create unbearable difficulties to common people, farmers, laborers, small traders etc and to millions of rural people without bank access or ID documents. Insufficient supply of liquid cash especially with the common people will adversely affect their purchasing capacity which will adversely affect small traders and business houses and will eventually invite recession and will only help big companies.

In India black money plays its magic and havoc role in elections and without concrete measures to curb the use of such money, any step will be mere eyewash. Moreover the central government decision to keep the state treasuries in abeyance from the operation is an attack on the federal structure of the country.

In short, it is not a well intended move to curb black money but a calculated effort to divert attention of the people from the total failures of the government and the resultant resentment, the statement continued.

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