Launching a scathing attack on Prime Minister Narendra Modi, Opposition parties today alleged selective leak of information on demonetisation of 500 and 1000 rupee notes to ‘friends of BJP’ and demanded making public the names of those who had bought gold and foreign exchange of over Rs one crore since April.

Initiating a debate after listed business was suspended to take up a discussion on the November 8 decision to withdraw old higher denomination currency, Anand Sharma (Cong) used wit and humour to attack Modi for being insensitive to problems caused to the common man.

He asked the Prime Minister to state where he got Rs 23,000—24,000 crore, estimated by the International Money Watch Group, for his Lok Sabha elections. He also asked if cheque or credit card payments were made to organise his rally in Ghazipur in Uttar Pradesh a few days ago.

Alleging that the information on demonetisation was selectively leaked, he said, “your BJP units have deposited crores (just before the November 8 decision).”

As the debate was in progress, BSP chief Mayawati demanded the presence of the Prime Minister in the House to hear out the Opposition parties and address their concerns.

Supporting her, Leader of Opposition Ghulam Nabi Azad said since Lok Sabha has adjourned for the day, Modi should hear out at least the major parties.

Quoting media reports, Sharma said State Bank of India — the country’s largest lender — knew of the decision way back in March and a Gujarati newspaper had in April published a report of move to withdraw 500 and 1000 rupee notes.

He demanded a probe into “how many people bought more than Rs 1 crore of foreign currency and bullion” since April. .

“This is a serious issue... you never kept secrecy (about the decision),” Sharma said.

The “ill—timed” and “ill—conceived” move had unleashed “economic anarchy” in the country and benefited a few, he said, adding that to fight blackmoney created by higher denomination currency, a bigger Rs 2,000 note has been brought which is similar to the paper on which ‘churan’ is sold and “shed colour” was brought.

Insensitive

“Your government is insensitive,” he said adding Modi was riding a bullet train in Japan when old, women and common man were queueing up at banks at 3 am in the morning to get currency to buy their daily needs.

Sharma said Modi had in his Goa speech had stated that those standing in line at banks were those involved in 2G spectrum and coal scam as well as holding blackmoney.

“I condemn the Prime Minister for calling the poor standing in queue for his Rs 4000—4,500, blackmoney holders and scamster,” he said.

Referring to Modi’s statement in Goa last week that certain forces were out to eliminate him, the Congress leader asked him to name the conspirators wanting to eliminate Prime Minister of India. Congress will not tolerate anyone planning to harm the Prime Minister of the country, he said.

Taking a dig at the Modi, he said someone who “changes clothes five times a day”, has become Prime Minister and travels around the globe was “calling himself a sanyasi and tapasvi“.

Make Leichtenstein, HSBC lists public

Sharma demanded that the names of persons holding accounts in Swiss bank and those revealed in the Leichtenstein and HSBC lists should be made public. The names of bank loan defaulters above Rs 5,000 crore should also be made public.

While the decision had put the common man to immense hardship by way of having to stand in long queues to lay hands on valid currency to meet daily needs, the information about demonetisation was selectively leaked to the “friends of BJP,” Sharma alleged.

The move had branded 86 per cent of the currency in circulation blackmoney and “everyone a criminal,” he said adding when Modi announced the plan it was expected that adequate arrangements would be made for dispensing new notes.

So banks and ATMs were shut on November 9 but the expectation of normalcy from next day were dashed with queues only getting longer by the day.

The government policy was to “benefit those who are your friends and hurt those who question you,” he said adding an atmosphere has been created in the country where questions cannot be asked and those doing so branded anti—nationals.

Currency rationing

“The magnanimous Prime Minister allowed Rs 4,000 of old currency to be changed... what right does the Constitution give the government to place restrictions on withdrawal of ones hard-earned money,” he asked, adding one has to “beg to be allowed to withdraw his own money.”

He said former RBI Governor IG Patel had written about the government’s decision to demonetise currency in 1978 and it would be absurd to think that all ill-gotten money is kept in cash and not invested in real estate, billion, equities or foreign exchange.

Modi, Sharma said, had reasoned that withdrawal of the higher denomination currency to fight against blackmoney, terrorist funding and counterfeit currency. Congress is unequivocally opposed to blackmoney and opposes any force that print counterfeit currency.

Sharma said the government in one stroke took away 86.4 per cent of the over Rs 16 lakh crore currency in circulation.

“Did the government think that 86 per cent of the currency in circulation was counterfeit or blackmoney,” he asked.

Cashless economy still far from reality

Stating that cash to GDP ratio of Indian economy was 12—14 per cent, he said farmers, daily wagers and workers do not carry credit cards, cheque books or card swipe machines in their “dhotis or tahmeds“.

Moving towards cashless economy was fine but even the most developed economies of US or Europe have not achieved that objective yet. If they had, the US central bank would have stopped printing dollars, European central bank won’t be printing Euros and UK central banks would have stopped printing pound sterling, he said.

Stating that the government had in one stroke declared everyone a criminal, he said the government and Finance Minister have stated that terrorists would have benefited if advance information on the decision was given. “Which terrorist goes to RBI with sack full of counterfeit currency to change.”

After withdrawing 500 and 1000 rupee notes, restrictions were placed even on foreign tourists who could not get their currency changed.

The Congress leader said Finance Minister Arun Jaitley had informed Parliament in August that fake currency was 0.02 per cent of the total currency in circulation. “If 0.02 per cent by government admission is counterfeit currency, how can that be made the base to remove 86 per cent of currency in circulation,” he said.

An undeclared emergency has put common people in grave inconvenience, he said while crime money, ill—gotten wealth and that accrued through corruption or tax evasion is blackmoney, Prime Minister should answer if he considered money in the market, or in households, or with farmers, workers and employees was also blackmoney.

“This question arises because a message has gone that Indian economy was run on blackmoney... you decide but don’t brand the whole country,” he said, adding whether the cash the farmers gets for his crop or the one he uses to buy seeds or fertilizer was blackmoney. He said the move had rendered millions of agriculture workers and labourers unemployed.

Across the country, ATM machines are not working even after more than a week of the demonetisation decision and queues at banks are only increasing, Sharma said, adding the BJP government has not lived up to its poll promise of creating 5 crore jobs as employment is on the rise.

BSP leader Mayawati said the House should request the Prime Minister to be present and answer the members’ concerns.

It is “a very serious issue”, she said, adding she has been observing Leader of the House and Finance Minister Arun Jaitley, appears “sad“.

Her demand was supported by Leader of Opposition Ghulam Nabi Azad, who said the PM must be present in the House to hear out the concerns of various parties.

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