New Delhi: On the issue
of demonetization, Delhi Chief Minister Arvind Kejriwal has criticised Modi
Modi Government’s sudden decision to demonetize currency of Rs 500 and Rs 1000. He said that the ruling
BJP, its friendly corporates and black money hoarders were tipped off well in
advance. As a result of this tip off, there was a massive rise in the amounts
of deposits in several public sector banks over the last quarter.
He said that a news
channal's report from last evening pointed out the stunning growth in deposits,
in contrast with the negative growth in deposits recorded in the previous
quarters. This extraordinary phenomenon raises the suspicion that the BJP and
its network of friendly black money hoarders were aware that the Government was
set to launch such a scheme.
He further said that "Some people are
claiming that the unusual spike in deposits is a result of the Income
Declaration Scheme (IDS). However, we have confirmed that the money from IDS
was represented directly at the Government Treasury and not through banks. This
means that these deposits are from some private individuals close to the BJP
who scrambled to ensure their undeclared cash is deposited before the
demonetization," said the AAP national convenor.
Kejriwal also said that the demonetization was
not going to bring black money into the system, but will only result in a
change of hands. "If someone has Rs 10 crore of black money, the
Government has said that there would be a tax of 45% on the deposits and a 200%
penalty. This means that 90% of all deposits of unaccounted black money would
be taken by the Government and the hoarder would get Rs 1 crore."
He further added that this is a huge
disincentive for any hoarder of black money. Instead, what is happening is
people are finding ways to convert their black money into US dollars in the
black market for Rs 120 a dollar, or at Rs 60,000 per 10 grams of gold in cash.
People are even buying out property in cash. This is a better deal for
hoarders, since it is better than the 10% they would get if they deposit the
money in banks."
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