CPI(M) lashes out at Prime Minister for demonetising ‘500, 1000 notes

Lashing out at Narendra Modi government for scrapping Rs 1000 and 500 notes, CPI(M) Bengal unit secretary Surya Kanta Mishra on Wednesday accused BJP of “replacing governance into a circus in the country.” 

Mishra said demonetisation of Rs 500 and Rs 1000 notes is just a gimmick ahead of the Uttar Pradesh assembly polls.

“The announcement made by the prime minister about demonetization of Rs 500 and Rs 1000 notes is not going to yield any positive results as the days of stashing black money in secret places in homes are long gone. People now stash black money in tax havens abroad and invest it in real estate business,” Mishra said.

“This is a gimmick ahead of Uttar Pradesh elections. BJP and RSS will try to milk political dividends out of this. Everything will be done at the cost of the common man. It seems that the BJP government is trying to replace governance with circus in the country,” Mishra said.

Taking the nation by surprise, the Prime Minister on Tuesday night announced demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight, making the notes invalid in a major assault on black money, fake currency and corruption.

Meanwhile, noted economist and professor at Indian Statistical Institute Abhiroop Sarkar observed that the Centre’s decision to demonetise higher denomination notes was “abrupt and chaotic”, and has given a “negative shock” to the nation.

Referring to an earlier instance of demonetisation carried out in the country, Sarkar said: “It had no effect on the circulation of black money. The very premise that demonetisation will help in removing the menace is wrong.”