'Corruption, black money, flourishing after note ban'

The CPI(M) today alleged that Prime Minister Narendra Modi has failed to achieve the stated objectives of demonetisation as corruption, black money and terrorism have "flourished" over the last six months.

Prime Minister Narendra Modi had on November 8 last year announced demonetisation, saying it will combat corruption, black money, terrorism and counterfeit currency.

The Left party wondered why the government has not revealed the data on the money that has returned to the banking system.

"Six months after demonetisation, corruption, black money and terrorism: three claims Modi made of having ended - flourish at a stronger pace (sic)," CPI(M) general secretary Sitaram Yechury tweeted.

"Six months on, still no data on how much money in old currency notes has returned to the system. Legalisation of counterfeit currency?" he questioned.

Yechury alleged that the Centre has let off "big fish" bank loan defaulters, an apparent reference to creation of non-performing assets (NPAs).

This, he alleged, has happened at a time when India's informal economy, which employs over two third of the countrymen and accounts over half of its GDP is left "ruined" due to scrapping of the notes.

Yechury targeted the government over the BJP's electoral promise of generating one crore jobs a year, terming it as a "jumla" (catchphrase).

"The only movement on jobs has been backwards, as number of jobs continue to decline," he said.