New Delhi, Nov 9 : The government decision to axe Rs 500 and Rs 1,000 notes will not unearth black money and "is more like political posturing", the CPI-M said on Wednesday. "The claim that the demonetization will check black money, fake currency corruption and terrorism lacks substance," the Communist Party of India-Marxist said in a statement.
"By the Prime Minister's own admission, the bulk of black money generation and storage is in off-shore accounts in foreign currency. "Counterfeit currency can be generated for any denomination. The announcement of a new Rs 2,000 note alongwith another Rs 500 note does not in any way prevent future possible counterfeit circulation.
"It's an established fact that terrorist funds flow through electronic transfers and not through currency transactions," the party said.It said that by allowing the conversion of the existing 1,000 and 500 currency notes within the prescribed time limit, no effective measure was there to prevent benami conversions.
"In effect what this would result in is a total disruption of the payments and settlements that are part of daily life of our economy," the CPI-M said.
"It will burden the vast mass of our people from daily wage labourers, fishermen, small businesses, traders and vendors selling at the door step. What is going to happen is the disruption in livelihoods and bureaucratic harassment of ordinary people who wish to change the currency notes.
"The basic avenues for money laundering through participatory notes and diversions through tax havens remains untouched. There is no attempt to curb the roots of generation of black money such as in the real estate sector.
"This is a measure to cover up the utter failure of the Modi government on the economic front, of joblessness, high prices and no pick-up in domestic demand, crippling all sections of our population, especially the working classes, and ruining the peasantry," the CPI-M said.
The CPI-M urged the government to make public forthwith the names of those holding bank deposits and accounts in tax-havens and those refusing to return humongous loans from nationalised banks estimated at over Rs 11 lakh crore "if it is really committed to recover and curb black money".
Earlier, CPI-M General Secretary Sitaram Yechury tweeted: "This is attempted as a gimmick to divert attention from serious social and political failures of this government in the past 2.5 years.
"What is the cost of withdrawing currency notes and replacing them with Rs 2,000 notes? Also, its economic and social costs must be made public," he said, dubbing the move to be another "jumla".
"What are the estimates of black money that will be curbed by this move? Government should make the figures public."
Prime Minister Narendra Modi announced on Tuesday night that Rs 500 and Rs 1,000 currency notes will cease to be legal tender from midnight of Tuesday. He said this was aimed at battling black money.
Gaza city, Dec 15: Tens of thousands of Palestinians including hundreds of gunmen rallied in Gaza on Thursday to mark the 30th anniversary of Hamas's founding and its chief vowed to reverse U.S. Presi ..Written by : IANS | 01:56 AM
Arms provided by the United States and Saudi Arabia to Syrian opposition groups frequently ended up in the hands of Islamic State, an arms monitoring group that analysed weapons found on the battlefie ..Written by : IANS | 01:31 AM
The makers of the four remakes of Bollywood entertainer Queen have wrapped up the France schedule of the films. The 2014 Hindi movie is being remade as Butterfly (Kannada), Queen Once Again (Telugu ..Written by : IANS | 11:18 PM
Salman Khan always comes forward to support his family and this time it is his younger brother-in-law Aayush Sharma who will get launched in Bollywood by Salman khan. Salman has tried his best to s ..Written by : IANS | 11:13 PM
Indionesia Dec 14: A bid to make all sex outside marriage illegal was thrown out by an Indonesian court on Thursday, as concerns grow over rising intolerance in the world's biggest Muslim-majority cou ..Written by : IANS | 11:06 PM
At least 6,700 Rohingya Muslims were killed in the first month of a Myanmar army crackdown, which the army terms as crackdown on rebels in Rakhine state, that began in late August, Medecins Sans Front ..Written by : IANS | 11:01 PM
Moscow Dec 14: Finally Russia has met North Korea to discuss military activities. This is the first meeting of Russian-North Korea military commission. The commission will be discussing the implementa ..Written by : IANS | 10:43 PM
Japan Dec 14: Antonio Guterres, the Secretary-General of United Nations met with Japanese Prime Minister Shinzo Abe in Tokyo. On Thursday, Guterres said that unified efforts to fully implement sanctio ..Written by : IANS | 10:33 PM
Mumbai Dec 14: The Sensex opened by jumping 117 points on Thursday on value-buying in blue- chips. Asian stocks moved sideways. The NSE Nifty went above 10,200-mark. The 30-share BSE index was u ..Written by : IANS | 10:23 PM
China Dec 14: China summoned Australia's ambassador to lodge a complaint last week over Canberra's allegation that Beijing had sought to interfere in Australian politics. Relations between Australi ..Written by : IANS | 10:17 PM
Moscow Dec 14: Russian President Vladimir Putin kicked off an annual press conference Thursday, his first major public appearance since announcing he would seek a new six-year term in March 2018 elect ..Written by : IANS | 10:03 PM
Israel Dec 14: Israel and Saudi have no official diploamatic ties but Israeli intelligence minister Yisrael Katz wants Saudi crown prince Mohammed bin Salman to visit Israel. Israel wants to impro ..Written by : IANS | 09:58 PM
Trump's decision to recognise Jerusalem as the capital of Israel, has invited trouble for America from the Islamic State, as IS has threatened attacks on U.S in retaliation for his decision on Jerusal ..Written by : IANS | 09:51 PM
Islamabad, Dec 14: Kulbhushan Jadhav, the Indian death row prisoner who is in Pakistan jail has got permission to meet his family on humanity grounds. Pakistan has directed its high commission in New ..Written by : IANS | 09:43 PM
Gujarat Dec 14: Due to offering support and mending rules for BJP the Congress has attacked Election Commission and said that "the sinking ship of Prime Minister Narendra Modi's campaign is being save ..Written by : IANS | 09:36 PM
New Delhi, Dec 14: Due to the increasing attacks on the vans carrying cash for filling in ATMs, the government has proposed new deadline in timing for putting cash in ATMs. The deadline for putting ..Written by : IANS | 09:22 PM
New Delhi Dec 14: The popular Vodafone mascot Super Zoo Zoo that won many hearts is making a debut as Comic con. The Comic Con will be back in Delhi this weekend from December 15-17. The new editio ..Written by : IANS | 09:13 PM
New Delhi, Dec 14: The Indian Railways has decided to settle bills of contractors and vendors within 30 days of its receipt. To make it possible, the Indian Railways has introduced a bill tracking ..Written by : IANS | 08:07 PM
Vijayawada Dec 14: Air India Express (AIE), India's first international budget carrier would expand its wings to Vijayawada International Airport.The Airlines has announced an introduction of non-stop ..Written by : IANS | 07:46 PM
Hyderabad, Dec 14 : The TRS was dismissed Congress leader A. Revanth Reddy's allegations against father-in-law of Telangana's IT Minister K.T Rama Rao on Wednesday. "If a relative of KTR is involve ..Written by : IANS | 07:43 PM
Hyderabad, December 14: Sandeep Reddy Vanga is one of the sensational directors in the recent times, he bagged the blockbuster hit with Arjun Reddy film. Mega Power Star Ram Charan and the ace dire ..Written by : IANS | 04:29 PM
Hyderabad, December 14: Classical and talented filmmaker Sekhar Kammula is one of the best directors of Telugu cinema. The director made his comeback with Fidaa which ended up as the biggest hit in 20 ..Written by : IANS | 03:02 PM
Hyderabad, October 23: Tollywood Young Rebel Star Prabhas upcoming flick Saaho first look has been unveiled by the filmmakers on the occasion of Prabhas birthday. The first look getting the stupendous ..Written by : IANS | 06:11 PM
Ahmedabad Dec 14: Gujarat recorded an average ..
New Delhi Dec 14: With increasing prices and ..
Gujarat Dec 14: Due to offering support and m ..
New Delhi, Dec 14: Due to the increasing atta ..
New Delhi Dec 14: The popular Vodafone mascot ..
New Delhi, Dec 14: The batch of pleas which a ..
New Delhi, Dec 14: The Indian Railways has de ..
Lucknow, Dec 14: In an unexpected incident, a ..
New Delhi Dec 14: Indian Railways has set up ..
New Delhi, Dec 14: Mostly Indians spent the y ..
Gaza city, Dec 15: Tens of thousands of Pales ..
Arms provided by the United States and Saudi ..
Indionesia Dec 14: A bid to make all sex outs ..
At least 6,700 Rohingya Muslims were killed i ..
Moscow Dec 14: Finally Russia has met North K ..
Japan Dec 14: Antonio Guterres, the Secretary ..
China Dec 14: China summoned Australia's amba ..
Moscow Dec 14: Russian President Vladimir Put ..
Israel Dec 14: Israel and Saudi have no offic ..
Trump's decision to recognise Jerusalem as th ..
Mohali, December 14: As we knew that, Hitman ..
Dubai Dec 14: Indian star shuttler PV Sindhu ..
Mohali, December 14: Indian skipper Hitman Ro ..
Mohali, December 14: Current Indian skipper R ..
Mumbai, December 14: Mahendra Singh Dhoni is ..
Rohit Sharma dedicated his third double centu ..
Mohali, Dec 13: Following is the scoreboard o ..
Mohali, December 13: Team India has dominated ..
Mohali, December 13: Indian Hitman Rohit Shar ..
Mohali, December 13: As we knew that, Cricket ..
New York, Dec 11: If your kid is regularly in ..
San Francisco, Dec 10 :Google will soon launc ..
Mathura, Dec 10 :Adil Hussain, the lead actor ..
London, Dec 10: Anti-impotency Viagra drug us ..
New York, Dec 7: If your teenaged son or daug ..
New York, Dec 5:Fathers of premature babies u ..
Johannesburg, Dec 1: Researchers have discove ..
New Delhi, Nov 30: Tagging and typecasting of ..
Washington Nov 30: In a move to enhance the s ..
New Delhi, Nov 29 :FMCG major Nestle India on ..