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Note-ban aimed at saving financially-distressed banks: CPM


Taking a dig at the Centre’s demonetisation drive, CPI(M) Politburo member Subhashini Ali today said the move has neither ended corruption nor checked terrorism, rather it has caused hardship to common people.

“While announcing note-ban, the Central Government had claimed the move would check terrorism and end corruption and black money, but this didn’t happen. Instead, commoners have been troubled by demonetisation,” she told reporters here.

The Modi Government had claimed the currency de- legalisation exercise will stop circulation of fake notes and also their printing. But printing of counterfeit bills is going on unabated, the former MP said.

“Note ban has adversely affected different sectors and sections of society, particularly the poor, and led to workers’ retrenchment and closures of industries.” The senior Left leader alleged demonetisation was undertaken to save banks which were in financial distress after they gave huge loans to big industrialists.

“Had people withdrawn money en-mass, banks would have turned bankrupt. So the Centre went for demonetisation.” Blasting the NDA Government for promoting cashless transactions, the veteran trade unionist said, “A commission in being charged for such deals. Such a commission amounts to theft.”

(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)