PM not keen to strike at root of corruption, black money: CPI

Prime Minister Narendra Modi not being keen to take action against black money.

Hyderabad, Dec 21: The CPI today charged Prime Minister Narendra Modi with not being keen to strike at the root of corruption and black money, alleging that he "does not speak about Lokpal, whistleblowers' protection, black money stashed in foreign banks and unpaid huge loans of corporates".

"Modi does not speak about Lokpal which the Parliament discussed and decided, whistleblowers' protection, and black money stashed in foreign banks about which he spoke before elections," CPI (Communist Party of India) National Secretary D Raja told PTI here.

"There is no attempt to recover the huge (unpaid) loans taken by corporate houses which remain as NPAs. They want to help corporate houses, finding many legal ways to justify non-performing assets.

They (government) are not keen to recover the money," the Rajya Sabha member said. "But in case of farmers, and students who take education loans, government outsources the recovery mechanism.

In Tamil Nadu, it led to suicides also. So, Modi is not keen to strike at the root of black money and corruption," the leader said.

He said the Finance Ministry and RBI go on issuing circulars and guidelines one after another, respectively, and it seems there are contradictions between the two.

"Moreover, it also shows lack of preparedness and clarity on how the policy can be implemented," he said.

Raja, who was here to attend the three-day national council meeting of his party, said the demonetisation move lacked logic or rationale.

"They say Rs 500 and Rs 1,000 are high denomination notes; what about Rs 2,000?, what's the logic?" he asked.

"They have created financial chaos and financial turmoil in the country, and are subjecting common people unimaginable miseries and suffering," he alleged.

"How many people died (while waiting in queues outside banks or ATMs to collect money after demonetisation announcement) everybody knows. December 30th is the last day (to deposit old notes).

After that what?, nobody knows, government is not clear; RBI, Finance Ministry...what's the coordination because Reserve Bank being an autonomous apex bank, what is its role, nobody knows," he said.

"There is utter confusion and lack of clarity on these policies," Raja said. The demonetisation move, he said, has hurt the economy as a whole. Agricultural, cooperative and manufacturing sectors have taken a hit.

"Unemployment is growing. Even big companies are laying-off (employees). Modi promised he will create many jobs, now it's not only job-less growth; growth has become a challenge," Raja said.

PTI