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Rs 500 and Rs 1,000 currency notes, saying that the economy will collapse in the coming days if the decision was not withdrawn.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.
New Delhi, Aug 19: The government on Saturday said that the Street Lighting National Programme (SLNP) has achieved installation of over 30 lakh LED street lights across the country to illuminate 50,00 ..Written by : IANS | 11:26 PM
Ludhiana, Aug 19: The Punjab Vigilance Bureau on Saturday moved a closure report in a local court in the Ludhiana City Centre scam, in which Chief Minister Amarinder Singh and his son Raninder Singh w ..Written by : IANS | 11:26 PM
Dambulla (Sri Lanka), Aug 19: Fresh from a 3-0 Test cricket series whitewash over Sri Lanka, India will aim to continue with their ruthless approach as the five-match One-Day International (ODI) serie ..Written by : IANS | 11:26 PM
New Delhi Aug 19: Some changes were made today. Sports Ministry on Saturday has removed the name of coach of the Para Sports Satyanarayana from this year's Dronacharya Prize list. Ministry said t ..Written by : IANS | 11:26 PM
Patna, Aug 19: The Janata Dal-United led by Bihar Chief Minister Nitish Kumar on Saturday virtually put rebel leader Sharad Yadav on notice, hinting at action against him if he attends the RJD rally o ..Written by : IANS | 11:26 PM
New Delhi, August 19: The Central Board of Secondary Education (CBSE) has issued some instructions to the students. It is reported that CBSE had given instructions for safe usage of internet in sch ..Written by : IANS | 11:26 PM
Hyderabad, August 16: Tollywood Young Rebel Star Prabhas has got huge craze after the Success of Baahubali 1 and Baahubali 2. Here is the interesting news emerged that he is demanding around 30 cro ..
Hyderabad, August 11: Natural Star Nani is busy with the upcoming flick Middle-Class Abbai(MCA), after the completion of shooting MCA he will do with the typical director Hanu Raghavapudi. But acco ..
Mumbai, August 11: Bollywood Bads Shah's Shahrukh Khan's recent flick 'Jab Harry Met Sejal' didn't the success at the box offices. Keep aside of his film disaster, he is planning to do another flick w ..
Hyderabad, August 05: Here is the good news for the Power Star Pawan Kalyan fans, as PSPK 25th film is coming on Sankranthi festival, according to the source's information. The film was directed by ..
Hyderabad, August 04: Power Star fans are eagerly waiting for Blockbuster hit from Power Star, Now the fans are waiting for his upcoming flick under the direction of Trivikram. But the PSPK fans di ..
Hyderabad, August 04: Nandamuri Balakrishna is now enjoying the Paisa Vasool Stumper Teaser success, here is the news he is is going to take a risk this time. His Paisa Vasool is releasing on Septembe ..
Mumbai, Aug 3: Superstar Aamir Khan says when he backs a film as a producer, he and his team trust their heart. Aamir Khan Productions is one of India's most successful production houses, with hit ..
Hyderabad, August 02: Tollywood Actress Anushka Shetty, who is got an immense craze in the world with the epic film Baahubali has reportedly signed to perform a special song in her flick, According to ..
Hyderabad, Aug 02: Rajamouli had a great craze in Telugu film Industry and he is the only director who had no flops in his career. The films 'Bahubali' and 'Bahubali 2' have spread his reputation acro ..
Hyderabad, Aug 02: Pooja Hegde got much craze glamour-wise through 'Duvvada Jagannadham'. She increased her following through this movie only. Based on that, many of the directors and Producers a ..
Hyderabad, Aug 2: Actor Allu Arjun's upcoming Telugu actioner "Naa Peru Surya", in which he plays a military officer, started rolling from Wednesday. According to a source from the film's unit, the ..
Hyderabad, Aug 02: The thing that, Creative Director Sukumar and Rockstar Devisri Prasad are good friends is known. Devi has done Sukumar's all films, starting from 'Aarya' to recent 'Rangasthalam 198 ..
Hyderabad, Aug 01: We knew that Pawan Kalyan said that from October onwards he will be in active in politics. The actor is doing the film with Matala Mantrikudu Trivikram, the film shooting has comple ..
Hyderabad, Aug 01: Niveda Thomas had a good recognition in Tollywood film Industry. The movies of Niveda 'Gentleman' and 'Ninnu Kori' were lined up as block busters at the box office. By this, she got ..
Chennai, July 31: Nayanathara, who is the well-known actress for Telugu, Malayalam and Tamil Industry, Her upcoming flick in Tollywood industry is with the 102nd film of Nandamuri Balakrishna. The ..
Hyderabad, July 28: Krishna Vamsi is one of the few directors in Telugu who commands good fan following among the audience. Even though he is not delivering hits these days, his fans believe that he ..
Chennai, July 28: Kollywood Actor Dhanush wants to remake the Flop movie, Shocked?, yes You heard absolutely perfect. Anurag Basu directorial ‘Barfi!’ opened worldwide on September 14, 2012. Th ..
Hyderabad, July 28: Nandamuri Bala Krishan Teaser Stumper released a few minutes ago, and the Teaser garnered an immense response from the Balayya fans. Here the buzz is that The film is set to be ..
Mumbai, July 27: Bollywood queen, Katrina Kaif, who is currently busy in Morocco shooting for Ali Abbas Zafar's 'Tiger Zinda Hai'. Kaif recently shared a video on Instagram, in which she is seen d ..
Hyderabad, July 27: Tollywood Baahubali Prabhas Upcoming Flick 'Saaho' under the Direction of Sujith Reddy.Till now there is no clarity on the Heroin. According to the buzz, If rumors are anything to ..
Hyderabad, July 27: Tollywood Actor Sai Dharam Tej, who has been in tremendous form has been busy with the ongoing project 'Jawaan'. According to the latest buzz, Director Maruthi said to have prepare ..
Mumbai, July 27: Bollywood actress Anushka Sharma, who will be seen opposite Shah Rukh Khan in their upcoming "Jab Harry Met Sejal" says romancing the superstar was quite easy and that he can even rom ..
Hyderabad, July 26: Sai Pallavi who has in full swing with recent Flick 'Fidaa', has wanted to act with versatile actor Surya in her next films. speaking with the media persons, She said that, Duri ..
New Delhi, July 24: Filmmaker Soundarya Rajinikanth, who is directing her brother-in-law Dhanush in the upcoming film "VIP 2 - Lalkar", says talent matters in the world of showbiz regardless of the ba ..
Mumbai, July 22: Actress Kangana Ranaut, who started the nepotism debate by labelling filmmaker Karan Johar as its "flag bearer" during his chat show, says she found the open letter by her "Rangoon" c ..
New Delhi, Aug 19: The government on Saturday ..
New Delhi, August 19: we knew that Drug racke ..
Ludhiana, Aug 19: The Punjab Vigilance Bureau ..
Bengaluru Aug 19: A new twist has taken place ..
Odisha, August 19: The tragic incident has oc ..
Bengaluru Aug 19: A shock has been received b ..
Punjab, Aug 19: Here is a shocking news, The ..
Uttar Pradesh, August 18: Breaking news has e ..
Patna, August 19: Rebel leader Sharad Yadav h ..
Puducherry Aug 19: pictures of Puducherry's L ..
Washington, August 19: After many years in Am ..
Venezuela Aug 19: A country has reacted stron ..
Wellington Aug 19: A sad incident took place. ..
Washington Aug 19: A warning was issued recen ..
Beijing Aug 19: A relief for citizens. China ..
London, Aug 18: Pakistani Nobel Prize winner ..
Washington, Aug 18: Former US Vice President ..
Islamabad, Aug 17: Pakistan's anti-corruption ..
New Delhi Aug 18: A shock has been received. ..
Washington Aug 18: An action has been taken. ..
Dambulla (Sri Lanka), Aug 19: Fresh from a 3- ..
Mason (Ohio), Aug 19: Indian stars Rohan Bopa ..
New Delhi Aug 19: Some changes were made toda ..
Lucknow, Aug 19: U Mumba bounced back in styl ..
Lucknow, Aug 19: Jaipur Pink Panthers pipped ..
Sydney Aug 18: An event took place today.Aust ..
Dambulla, August 18: Former India captain MS ..
Ahmedabad, Aug 18 :Zone A team Dabang Delhi K ..
Ahmedabad, Aug 18: Zone A team Gujarat Fortun ..
Kolkata, Aug 17: India pacer Mohammed Shami o ..
London, Aug 18: Researchers have identified a ..
London, Aug 18: Giving up smoking early may p ..
New Delhi, Aug 18: Internet overuse has risen ..
New York, Aug 17: Women who work in night shi ..
Toronto, Aug 17: If you want to curb that urg ..
London, Aug 17: Is your son or daughter in th ..
New York, Aug 17: Consuming walnuts activates ..
Hyderabad Aug 16: Do you waste your time unne ..
London, Aug 16: While it is known that depres ..
Hyderabad, August 16: Nowadays, obesity hits ..