Where is black money? Asks Niranjan

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Where is black money? Asks Niranjan

Friday, 09 November 2018 | PNS | BHUBANESWAR

‘PM should tender apology for demonetisation failure’

Pradesh Congress Committee president Niranjan Patnaik on Thursday ridiculed the Narendra Modi Government for implementing demonetisation with ‘little’ results.

“Two years have been completed to the Modi Government’s demonetisation. Currency notes of Rs 500 and Rs 1000 denominations were made invalid with an aim to curtail shadow economy and use funds in illegal activities and terrorism.

But where that black money went,” wanted to know Patnaik.

He said announcement of demonetisation by PM Modi was followed by prolonged cash shortage for weeks, disrupting the economy.

People seeking to change the old currency notes had to stand in long queues and several deaths occurred in different places for heavy rush.

“According to a 2018 RBI report, approximately 99.3 per cent of the demonetised currency notes (Rs 15.30 lakh crore of Rs 15.41 lakh crore) was demonetised.

This shows that the effort of demonetization was taken in a hurry and this had failed to remove black money from the economy.

This move had reduced country’s industrial production and GDP growth rate. It was stated that around Rs 7,000-crore black had been deposited in foreign banks. How is this possible,” questioned the PCC chief.

“There might be some link of BJP leaders with the deposit abroad.

The PM is silent on this vital issue too. He should tender an apology for this wrongful decision,” demanded Patnaik.

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