The political battle over demonetization


16 Nov 2016

Stormy Parliament's Winter Session predicted as nation faces cash crunch

The political war over demonetization of Rs.500 and Rs.1000 currency notes is set to shake the Parliament during the winter session.

The opposition said the "scripted scam" has resulted in unwarranted hardship and claimed the BJP had been tipped off to secure its funds.

However, Prime Minister Narendra Modi stated he had acted against the dishonest on behalf of the poor.

Scripted Scam

Move being opposed by parties aligned with black marketers: NDA

Move being opposed by parties aligned with black marketers: NDA

Congress didn't raise the "scripted scam" allegation at the Speaker's meeting, but chose to do so after hosting SP, JD(U), TMC, Left, RJD, and YSR Congress leaders.

Azad alleged demonetization information was leaked while BSP and SP came out strongly against the currency ban.

However, the NDA rebutted the allegation saying the move is being opposed by parties aligned with black marketers and hoarders.

Mamata Bannerjee

Mamata Banerjee takes the lead in uniting all opposing parties

West Bengal Chief Minister Mamata Banerjee reportedly took the lead in uniting all the parties opposing the demonetization move.

Her call to President Pranab Mukherjee and decision to march up to Rashtrapati Bhawan along with other parties is a clear indicator that the parties hope to escalate the matter.

Banerjee termed the situation "the government surgical strike on common people" and demanded a rollback.

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Subramanian Swamy: Demonetization 50% effective

Senior Bharatiya Janata Party (BJP) leader and Rajya Sabha member Subramanian Swamy stated that demonetization has achieved 50% of its objective. He suggested that the government "do it (demonetization) with the abolition of income tax so there is a big relief for the common man."

21 Nov 2016

Modi blunts Mamata's attack, others oppose demonetization

PM Modi stated politicians under whom chit-fund scams prospered were now raising a finger at him even as the decision was not taken to trouble anyone; it was an apparent reference to the chit-fund scam linked to the TMC.

On another note, former RBI governor KC Chakrabarty said the slow replacement of currency notes will make the situation much worse in the coming months.

18 Dec 2016

Political parties not exempted under tax rules: Jaitley

Arun Jaitley said political parties weren't allowed any exception post demonetization.

He said that the parties too are subordinate to other stipulations of the tax laws, which includes the filing of returns.

Furthermore, he pointed out that political parties will be liable to be investigated by the government like the common people.

He asked people to do adequate research "before jumping the gun".

05 Jan 2017

Modi, Nitish Kumar ties warming up post note-ban

Sources stated that relations between PM Modi and Nitish Kumar have drastically improved after the demonetization scheme; Nitish Kumar is the only opposition leader to support the demonetization scheme.

Speaking in Patna Modi praised Nitish Kumar for "the effort he has undertaken to save future generations from alcoholism."

Nitish Kumar in turn, praised Modi for successfully keeping Gujarat liquor-free.

12 Feb 2017

Mamata to compensate workers who lost jobs due to demonetization

West Bengal Chief Minister Mamata Banerjee said she would provide a one time assistance of Rs.50,000 to anyone who lost his/her job due to demonetization.

West Bengal Finance Minister Amit Mitra announced the formation of a demonetization-relief corpus of Rs.250 crore, while presenting the state budget.

The TMC said lakhs of people lost their livelihoods due to demonetization.

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