Ex- Bharatiya Janata Party leader Arun Shourie on Tuesday said demonetization is “the largest money laundering scheme ever” that had given India an “idiotic joggle”. He told that withdrawing the high-value currency notes last November was responsible for the economic decelerate in India.
“It was the largest money laundering scheme ever, conjured up and implemented entirely by the government,” Shourie said, adding that demonetization had permitted black money hoarders to convert their cash into white.
In its annual report released on August 30, the Reserve Bank of India had confirmed that Rs 15.28 lacs crore, or more than 99% of the value of the currency that was fragmented, had returned to the banking system by June 30. This proved that demonetization had not been doing well in weeding out black money, one of the drive’s primary goals.
The economist and ex-Union minister also said that through introducing the Goods and Services Tax was an important reform, it was poorly implemented. He called the special midnight Parliament session to roll out the GST on June 30 “event management” and said a tax reform had been equated with the independence of India.
His comments come days after BJP member Yashwant Sinha passed judgment on the government for the decline in India’s economic growth and described demonetization as “an unmitigated economic disaster”.
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