In an apparent crackdown on black money, the central government on November 8 midnight scrapped Rs 500 and Rs 1,000 notes. The sudden move made people rush to banks and ATMs across the country to swap their old notes as well as withdraw cash.Questioning the objective behind the move, Yechury said: “The PM had himself said in 2014 said that 90 per cent of black money is stashed abroad. He has the list of those names but is not making them public.”
Yechury also underlined if demonetisation will serve its stated purpose of dealing a blow to terror funding as, he said, “no one carry bags to fund terrorism, it is more via online transfers”.
Drawing attention to the hardships faced by people in their every day life due to cash crunch, the CPM general secretary said: “The government should allow usage of old currency notes of Rs 500 and Rs 1,000 for public utility and give some relief to people.”