New Delhi, Nov 12 : Delhi Chief Minister Arvind Kejriwal on Saturday demanded rollback of the government's decision to demonetise Rs 500 and Rs 1,000 currency notes, saying that the economy will collapse in the coming days if the decision was not withdrawn.
Kejriwal said that demonetisation will not bring black money into the banking system but will only result in it changing hands and alleged that those close to the Bhartiya Janata Party (BJP) were already aware of the government's move and took care of their black money before the announcement.
"One can see it from the fact that many banks which had shrinking deposits from many months suddenly saw growth of two to three percent in July to September quarter. This growth means many thousand crore rupees jump in deposits. Whose money was it," Kejriwal asked.
"It means that those who were close to the BJP were aware of the government's announcement in advance. They already took care of their black money. And it is the common people who are facing all the trouble (due to demonetisation)," he added.
Kejriwal added that the whole process will be futile and "not a single penny" of black money will enter the Indian economy.
"The black money will only change hands. For example, a person having Rs 10 crore worth of black money will not deposit in bank. Because he will be charged 30 per cent tax and 200 per cent penalty on that leaving him with only Rs 1 crore."
"Instead, he is buying foreign currency, gold etc. at double the price," Kejriwal explained.
He added that many brokers in the market have emerged who are getting old currency changed into new Rs 2000 notes.
"Now these brokers are changing the currency at a commission of 50 percent. So the gold trader will exchange his old notes. As a result, the person who had Rs 10 crore black money will be left with Rs 5 crore in his hands and the rest Rs 5 crore is divided between the broker and the person selling gold, foreign currency etc," Kejriwal explained.
He further alleged that an intentional crisis has been created so people run to the brokers to exchange money.
"They (the government) are threatening on TV that those depositing more than Rs 2.5 lakh won't be spared and will have to pay a heavy penalty. What they mean is don't deposit the money. Our brokers will come and exchange it with them," Kejriwal alleged.
Kejriwal said the government's move is a "surgical strike" on those who saved their life earnings and will have no effect on those who deal in thousands of crore worth of black money.
"We are questioning the intent of the decision, not just its implementation," Kejriwal said while demanding its rollback.
Kerala, Aug 17: In the latest updates, The Red alert has been issued in all 13 districts of Kerala except Kasaragod today. An alert has been issued for tomorrow also in Ernakulam and Idukki districts. ..Written by : IANS | 03:03 PM
New Delhi, Aug 17: The diplomatic corps in India offered condolences on the demise of former Prime Minister Atal Bihari Vajpayee. Referring to Vajpayee as a 'great statesman', ambassador of Russia ..Written by : IANS | 12:25 PM
Hyderabad, April 12: Nagarjuna's song "Ninnu Roddu Meeda Chusnadi Laggayithu" one of the most popular songs in 1990's. The Song has got a tremendous response in that time. The SOng was super hit film ..Written by : IANS | 05:04 PM
Hyderabad, Apr 10: Preparations related to NTR Rama Rao biopic are ongoing. Bala Krishna is playing the role of NT Rama Rao while the rest of the cast has to be finalized. The selection process for th ..Written by : IANS | 02:13 PM
Hyderabad, Apr 03: Power star Pawan Kalyan has congratulated on the hit of Rangasthalam team here on today. Pawan spoke to Charan after watching "Rangasthalam" on the special screen, he told that h ..Written by : IANS | 04:47 PM
Hyderabad, Mar 26: The Tollywood Gorgeous actress Anushka Shetty had a fabulous start to 2018 with the solid success of Bhaagamathie. Although there have been several rumors on her future projects ..Written by : IANS | 03:04 PM
Kerala, Aug 17: In the latest updates, The Re ..
New Delhi, Aug 17: Maharashtra Navnirman Sena ..
New Delhi, Aug 17: Following the death of For ..
New Delhi, Aug 17: Congress president Rahul G ..
Kerala, Aug 17: Prime Minister Narendra Modi ..
Bengaluru, Aug 17: The Karnataka government o ..
Hyderabad, Aug 17:As we know that, Former pri ..
New Delhi, Aug 16: As we know that, The three ..
New Delhi, Aug 16: Former prime minister Atal ..
New Delhi, Aug 16: We already knew that The A ..
New Delhi, Aug 17: The diplomatic corps in In ..
Rome, Aug 15: In a ghastly incident, Italy's ..
Islamabad, Aug 14: People all across Pakistan ..
Pakistan, Aug 13: In a good news, Pakistan on ..
Indonesia, Aug 12: In a tragic incident, A 1 ..
Florida, Aug 12: Nasa's much-anticipated 'Pa ..
Mexico, Aug 11: Nowadays people criticise whe ..
Washington, Aug 08: In a shocking news, Over ..
Indonesia, Aug In a tragic incident, At least ..
New York, Aug 06: An Indian man in the US has ..
New Delhi, Aug 17: India's Rohit Sharma, who ..
The Indian cricket team and the BCCI joined ..
Mumbai, Aug 16: Former India cricket captain ..
New Delhi, Aug 14: Team India has lost two te ..
London, Aug 14: British Team England has been ..
London, Aug 13: England wicket-keeper batsman ..
Hyderabad, Aug 13: England demolished India b ..
London, Aug 13: We all knew that, India suffe ..
London, Aug 13: England bowled out India for ..
Team England Declared thier first Innings at ..
Ingredients: 1/2 Cup Penne Pasta 1 Tbsp ..
New Delhi, Aug 16: In a good news, Jio Phone ..
New Delhi, Aug 15: In a good news for Jio use ..
New Delhi, Aug 13: We all knew that, the fort ..
Hyderabad, Aug 13: Here is the good news for ..
New Delhi, Aug 11: State-owned telecom operat ..
New Delhi, Aug 1: The giant electronics compa ..
New Delhi, Aug 09: Here is good news for smar ..
New Delhi, Aug 08: With the Indian government ..
New Delhi, Aug 08: In a good news for smartph ..