‘Ill-famed’ note ban a big scam to convert black money into white: Mamata Banerjee

“Demonetisation was not to combat black money. It was only to convert black money into white money for vested interests of political party in power. Black money became ‘white fund’ for them and the country was plunged into darkness,” she said in a Facebook post on the eve of the first anniversary of demonetisation.

“No black money could yet be brought out from the foreign accounts. In all practical sense, it yielded big, big zero,” she added.

The Trinamool Congress (TMC) chief further asserted that neither demonetisation could combat terrorism or black money, nor aid to development of the country.

ALSO READ: Manmohan Singh on note ban: ‘It was an organised loot, legalised plunder; broke the back of small businesses’

“By the devil act of demonetisation, the country has already lost its GDP worth nearly Rs.3 Lakh Crore. Crores of workers, particularly in the informal sector, lost their jobs. Farmers were left to starve. Over 100 people lost their lives. People had no access to their own money in banks, even in emergency,” she said.

“The Indian economy has been ruined; so has plummeted the growth rate of the country. The GDP fell to 6.1% growth in between January and March, 2017 compared to 9.1% in the previous year. It further plummeted to 5.7% between April and June, 2017, compared to 7.9% in the previous year,” she added.

The West Bengal Chief Minister further said that more than 75,000 industrialists were compelled to leave the country and settle abroad and become NRI because of harassment in the prevailing situation.

“Demonetisation was a Black Decision worth every sort of condemnation. November 8 will be observed as Black Day to protest against demonetisation and the “unparallelled damage” it caused to the country and its economy,” she concluded.

Earlier in the day, former prime minister Manmohan Singh had also slammed the Modi government’s ‘twin blow’ to the economy delivered through demonetisation and the Goods and Services Tax (GST), saying both the initiatives are a complete disaster for our economy and broke the back of small businesses.

Referring to demonetisation in his address to a gathering of businessmen in Gujarat’s Ahmedabad, Singh was quoted by ANI as saying: “Tomorrow we mark one year since the disastrous policy was thrust on the people of our country.” He added that the government has not made a fresh assessment of costs and benefits, if any, of the move.

The former prime minister termed November 8 as a ‘black day’ for the Indian economy and democracy. “I repeat what I said in the parliament, this was organised loot and legalised plunder,” he said.