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Rs 500 and Rs 1,000 currency notes, saying the economy will collapse in the coming days if the decision was not withdrawn.
Kejriwal alleged that those close to the Bharatiya Janata Party (BJP) were already aware of the government's move and dealt with their black money before the announcement.
"One can see it from the fact that many banks which had shrinking deposits for 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.
Finance Minister Arun Jaitley clarified on Saturday that no such spike has been seen in any month, except September 2016 which was on account of the Seventh Pay Commission arrear payments.
Kejriwal also questioned how BJP's leader Sandeep Kamboj posted his pictures with big bundles of Rs 2,000 notes on November 6 when the announcement about demonetisation was made on November 8.
"How did he get access to currency which was first released into the market on November 8?"
"This means that all the BJP leaders who had huge amounts of black money got the new notes home delivered, while ordinary Indians are being harassed just because they want to withdraw their own money," he said.
Kejriwal added that the whole process will be futile and "not a single penny" of black money will enter the Indian economy but will only result in it changing hands.
"The black money will only change hands. For example, a person having Rs 10 crore worth of black money will not deposit it in the 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 2,000 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 for them," Kejriwal alleged.
He alleged it was a "huge corruption scandal" where hoarders, black market property, gold, currency dealers and exchange brokers were making a killing with the active support of the government.
Kejriwal termed the government's move a "surgical strike" on those who saved their life earnings and it 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, demanding its rollback.
Kejriwal asked Prime Minister Narendra Modi to clarify whether it was the big businessmen and politicians who had black money, or housewives, grocery shop owners, labourers and farmers bracing the long queues to exchange demonetised currency.
"Please provide a list of your friends whom you told about this decision before your announcement on November 8. Also, declare the names of people who are openly running the exchange and commission rackets on behalf of them," he further asked.
--IANS
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