Demonetisation will have adverse effect on GDP: Kapil Sibal

Kapil-Sibal

New Delhi, November 15: As Narendra Modi-led central government is adamant on demonetisation of Rs 500 and Rs 1000 notes in the present from, despite the incessant crowding of banks and ATMs and stories of helplessness, sorrow, and despair being reported from the whole country, Senior Congress leader Kapil Sibal held a press conference to highlight how center is bringing up an economical mayhem by imposing currency ban on 125 crore population of the country.

The Congress said Modi’s pledge that the cash crunch caused by spiking of Rs 500 and Rs 1,000 notes will stabilise in 50 days cannot be believed because his earlier promises too had fallen flat.

“Why should we trust the government? They are only extending deadlines. On November 8, Prime Minister Modi said it is an inconvenience of only a few days and then went to Japan. Now, he is asking for 50 days,” senior Congress leader Kapil Sibal told the media here.

“Modi ji said Rs 80 lakh crore is lying outside India and promised he will bring it back in 100 days (of coming to power at the Centre). Where is the black money?” Sibal said.

“Why should we trust him? The Rs 80 lakh has not been brought back. If he has lied about that, why should we trust him now?”

Sibal launched a scathing attack on Modi, accusing him of being out of sync with the woes of the common man now struggling for cash.

“All this has nothing to do with battling black money or corruption,” the former Union minister said.

Sibal also hit out at the government for not giving a list of names of people with black money to the Supreme Court.

“As far as black money is concerned, Modi ji is yet to give the names to the Supreme Court.”

Saying that Modi had “collaborated” with those who have black money, the Congress leader said it were the poor who were facing the brunt of his demonetisation decision that has resulted in serpentine queues outside banks and ATMs across the country.

Sibal said the demonetisation was aimed at “wiping out the Non-Performing Assets of the public sector banks”.

The Congress leader said Modi had no understanding of the plight of the ordinary men and women who were struggling to exchange or deposit the old currency or withdraw money from their accounts.

“He makes fun of people… It looks like he is far removed from ordinary people’s problems.”

Commenting on the Prime Minister’s statement that he had sacrificed everything for the country, Sibal asked: “Which palace was he living in that he gave up? Which property did he donate to the public? What sacrifices did he make for the country?”

Sibal added: “Please understand the pain of the ordinary people. Stop your whims and fancies…”

He also hit out at the limits placed on bank withdrawals.

“What kind of law is this? The money is mine, the bank account is mine, it is taxable income… Why can’t I withdraw it? It is not Modi’s money.”

Here is the account of what he said:

  • On the 8th, PM Modi said that it is an inconvenience of only a few days and then went to Japan. Now he is asking for 50 days.
  • This measure will have an adverse affect on the GDP. Rs 16 lakh crore of currency, out of which 86% was frozen.
  • The arrogance with which PM spoke in Japan, shows that he is distanced from the hardships of people.
  • After 8th November, the scenes we are seeing outside Banks & ATMs, it seems Govt has taken a decision.
  • PM is unable to understand the hardships of the common man. PM says that common people are sleeping carefully & it is the rich who are worried. PM should really change his glasses.
  • Finance Minister said that all ATMs will take 2-3 weeks to be calibrated properly. In 2-3 weeks families can be ruined.
  • There are 2 lakh ATMs. Only 1.25 lakh ATMs are working. These are concentrated in urban areas. What about rural areas?
  • People can only exchange currency only once. What about in a medical emergency?
  • There are 2 lakh ATMs. Only 1.25 lakh ATMs are working. These are concentrated in urban areas. What about rural areas?
  • People can only exchange currency only once. What about in an Emergency?
  • PM Modi gave 3 speeches on the same day. He praises himself & then he sheds crocodile tears.
  • Nobody can be in favour and support of black money.
  • Every person having a Rs. 500 note is not holding black money.
  • If goods are not transported, there will be shortages & prices will rise. But, what does BJP care? They’re running a Sultanate.
  • The various mandi’s has seen business fall. Tracks are grounding to a halt. Goods are not being transported.
  • This is the time for cropping during the Rabi season. The farmers don’t have money.
  • If I’ve currency which is legitimate then why should there be an indelible mark; PM’s move is to protect big corporates.
  • According to PM Modi, these people are sleeping comfortably. In Tamil Nadu, there are 5 lakh textile workers. The people who have to pay them can’t withdraw more than Rs 50,000. The people aren’t paid. They don’t have money for food.
  • For 3 nights, people have camped there. Money hasn’t reached them. Their families don’t have money for food.
  • In Bastar, people have to walk 20 km to a solitary ATM. And the ATM ran dry in a few hours.
  • Why should we trust him? The Rs 80 lakh has not been brought back? If he has lied about that, why should we trust him now? Modi said, Rs 80 lakh crore is outside India and he would bring it back in 100 days. Where is the Black Money?
  • What did PM Modi leave behind? As far as Black Money is concerned, Modi has yet to give the names to the Supreme Court.
  • Many western educated lawyers burned the clothes of Bar. Henceforth, they would wear Khadi.
  • Let Narendra Modi tell the people about what sacrifices he made? Our Freedom Fighters forsook their family for the nation.

Wefornews Bureau

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