Kapil Sibal demands JPC probe on demonetization

Mr Sibal termed the demonetization drive as the biggest scam of independent India and said, “In my view a JPC should be constituted to unearth the involvement of all those involved in this scam”
kapil sibal
kapil sibal, File Photo

New Delhi: Senior Congress leader and M.P. Rajya Sabha, today demanded a Joint Parliamentary Committee probe on Modi government’s demonetization drive and termed it as the biggest scam of independent India.

He was speaking at a seminar organized by AICC’s legal and human rights department titled ” “Untold Stories of Demonetization-Its impact on Indian Economy”. Targeting the BJP for its liberal cash spend during ongoing assembly elections, he said, “The richest party in this country with largest cash-flow is the BJP. It can be gauged by the splurge of cash by BJP candidates in UP and other states during Assembly elections. It is apparent that demonetization has had no impact on polls”.

Citing figures he also wondered how the black money turned into white. He said, “Out of 15.4 lakh crore of demonetized notes, 14.97 lakh crore have come back into the banking system. According to the government’s own estimates only 6% of cash is black money. It means that 6% of cash in the form of black money has come back into the system. The question that arises how did this black money come back”.

He also accused the BJP of turning demonetisation drive into a business opportunity. He said that all the black money has been turned into white, whether it is through farmers, collusion with bank managers, or through middlemen. He pointed out that “bank managers could not have done it without the diktat of politicians. Bank representatives, middlemen and political leaders were hand in glove”. Accusing the BJP of earning the most through the demonetization drive he said, “Everybody knows the rates of commission charged by middlemen ranging from 50% in the initial stages to 20% . Through this BJP has earned the most in the demonetization process.”

Mr Sibal termed the demonetization drive as the biggest scam of independent India and said, “In my view a JPC should be constituted to unearth the involvement of all those involved in this scam”

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