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BJP’s justification of demonetization misleading: LG Party

The Lok Gathbandhan Party today said that there was a deep conspiracy behind demonetization of high-value currency notes on November 8, 2016. The party said instead of justifying the decision, the conspiracy should be unearthed so that those responsible for this immature and reckless decision could be punished.

In the official communique, The spokesperson of the party said in a statement here on Tuesday that the BJP, knowing it fully well that the decision was not at all in the interest of the nation, has now been trying to mislead the people by presenting a wrong picture on the issue. The spokesperson said in the larger interest of the country the BJP leadership should accept that it was their wrong decision.

The spokesperson said in the absence of foolproof ground level preparations and adequate safeguards in place, demonetization has badly affected the whole economy and its adverse fallout would continue to be experienced by the country in future also.
Expressing grave concern over prevailing economic condition in which all parameters of economic growth have come to almost a standstill, the LGP said demonetization decision, instead of hitting at black money and terror funding, as claimed by the government, has proved extremely disastrous for the nation.
The spokesman said NDA leadership and Reserve Bank of India (RBI) both are equally responsible for pushing the country to the brink of such economic disaster and total monetary chaos. The spokesperson said, even as mystery shrouds over the decision, RBI’s announcement of about 99% invalid currency notes having come back to the banking system, the situation has further complicated. The LGP further said the nation wants to know as to whom was this misguided move aimed at helping financially?
The LGP said with the completion of one year of this misguided decision the ruling political leadership owes an explanation to the entire nation on the issue. The LGP said the demonetization has not yielded the desired results of pumping out black money from the mainstream financial system by identifying fake currency and stopping terror funding.
The LGP said unearthing fake currency through demonetization has simply turned out to be a big farce. “Strangely the total value of fake currency amounts to a meagre sum of Rs 43 crore”, said the party and further added that sluggish growth in the manufacturing sector has badly hit employment generation, as well as the farm sector, is also reeling under the severe crisis. The LGP said the invalidation of the currency has proved a drain on RBI as its income has gone down by 17% and has placed a heavy burden of Rs 21000 crore on the printing of new currency notes.

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