Demonetisation is 'economic war' against people: CPI(M)

Continuing its attack on the BJP led NDA government over demonetisation, CPI(M) today said the currency ban was actually an "economic war" against the people to "protect" the interests of corporates.
Party General Secretary Sitaram Yechury alleged that banks were being crippled, looted and were collapsing because big corporates had borrowed heavily and were not returning the money.
"Total NPA (Non Performing Assets) of banks in the country stands at Rs 11 lakh crore and 10 big corporates together owe Rs seven lakh crore plus," he said.
The government was doing nothing to prosecute them to get back the people's money and instead, to protect banks from collapsing, steps were taken to stop people from withdrawing money from banks, he alleged.

"How to protect banks if the corporates do not pay? stop the people from withdrawing money," he said, adding then the money accumulates in banks and its reserves improve.
"Banks are stopped from collapsing, but by making people collapse," he said.

Yechury alleged that BJP was trying to impose 'Hindu Rashtra' nationalism in the country against Indian nationalism. "Nationalism is not one that has to be imposed on people," he said.
The CPI(M) leader also came down on strengthening of the defence deal with US and said "India has become US's junior strategic partner."
The statement of the US that they were strengthening their military activities in the Pacific region was a cause for concern to India, he said.

Yechury was addressing a function organised by All India Peace and Solidarity Organisation here.