Note pe charcha

Issued on: 23rd November, 2016

By: Delhi Pradesh Congress Committee

Why is demonetization a scam?

Demonetisation is the biggest scam of independent India by the Modi
Government as the Prime Minister, Shri Modi, in order to extend
financial benefits to a few corporates, not only illegally leaked the
scheme information in advance, but, also risked the lives and savings
of innocent individuals in order to waive off the corporate loans of
such industrialists who have been funding the election expenditure of
the BJP.

Modi Government misusing Banks to waive-off Corporate Loans?

Post the unplanned demonetisation announcement by Shri Modi, the
entire country has been standing in queues outside banks to exchange
their money for the new currency. But, the big fishes/ defaulters are
nowhere to be seen as they were either protected through an advance
intimation by the Government or have successfully managed their
money through other influential and illicit channels. Hence, it is the
common man whos left to face the brunt of the demonetisation
process.

Advance intimation to friends of BJP

While the social media has played an important role in order to expose
the selective leaks made by the Prime Minister. For instance, Sanjeev
Kamboj, Co-convenor of the BJPs Legal Department had released the
pictures of the 2000 notes on 06.11.2016 i.e. even before the
announcement made by Shri Modi on 08.11.2016.

Similarly, as per the RBI data, the total deposits made with banks in
the month of September, 2016 was higher by Rs 5.98 lakh crore as
compared to that in August, 2016. The figure of Rs 5.98 lakh crore is
baffling and clearly indicates that the Government had leaked the
demonetisation news to a few wealthy corporates, in order to save
them from the effects of the policy.

Corporate Loans worth more than Rs. 1.21 lakh crore waived of
by the Modi Government
What is worse is that where on one hand crores of Indians have been
lining up to get their own money exchanged, the insensitive and

ignorant Modi Government is on a spree to write-off loans of the

biggest corporate defaulters. Under the loan waiver scheme, the Modi
Government has let-go crores of taxpayers money to benefit a few
corporate houses, but the genuine appeal, seeking waiver of loans, by
needy farmers, sanitation workers etc. has been constantly ignored by
the current dispensation.
After a path-breaking revelation, wherein one of the leading
newspapers has exposed that recently Rs 1.14 lakh crore of bad loans
had been written off by state-owned banks, the Supreme Court of
India on 16th February, 2016 took suo-moto cognizance of the fact.
People are owing thousands of crore to the public banks it is
a big fraud. Top ten public sector banks have written off Rs
40,000 crore alone in 2015. It is all there in this Indian Express
report. Public financial institutions are lending money despite
knowing no returns. RBI is supposed to keep a watch on these
banks. What are you doing about it? a bench headed by Chief
Justice said while rebuking the Modi Government.

In addition to this, the DNA newspaper, in another special coverage

dated 16.11.2016 revealed that recently, the Modi Government also
waived off another huge chunk of corporate loans, which included a
major portion that liquor baron Vijay Mallaya owned to the Public
Sector Banks.

Hence, as per newspaper reports, a sum of Rs. 1.21 lakh crore of

corporate loans has been recently waived-off by the BJP Government.
We wonder how much of the Rs. 5 lakh 1 crore of public money,
deposited with banks, between 08.11.2016 and 20.11.2016 i.e. post
demonetisation, will be splurged by Shri Modi for the luxury and
comfort of his few defaulter industrialist friends??

While the general people is going through hardship, the BJP is

unaffected.
a) The Kolkatta unit of the BJP deposited Rs 1 crore in a bank
account only a few hours before the Prime Minister made the
demonetisation announcement.
b) While the entire country is going through a cash crunch and the
demonetisation process has taken over 55 lives, which includes
harried bank officials to over-stressed parents, former BJP
minister and Karnataka Legislator, Shri Janarshan Reddy had
ready cash to spend 500 crores at his daughters wedding that
took place on 16.11.2016.
The diamond-studded necklace which Reddys wore, alone was
worth Rs 25 crore. In addition, she wore antique jewellery worth
Rs 150 crore brought from Bellari, Karnataka.
1 http://www.hindustantimes.com/india-news/live-pm-modi-in-agra-launcheshousing-scheme-for-rural-poor-in-up/story-r1S0MqgSXIoGDRwVj2OIbN.html

c) The direct question which the people of India are asking Shri
Modi is, that while the ordinary citizen is compelled to spend
hours and nights outside the ATM, how come the ruling party
and its near & dear ones, deposited crores of rupees just a few
hours before the demonetisation announcement and even today
have tons of money to spend on extravagant affairs??