Jamaat skeptical about govt’s claim to rein black money through demonetization

Source: Press release | By I.G. Bhatkali | Published on 13th November 2016, 12:18 AM | National News | Don't Miss |

New Delhi: Jamaat-e-Islami Hind (JIH) has expressed skepticism over government’s claim to curb the circulation of black money by demonetizing 500 and 1000 rupee currency notes. 

The Secretary General of Jamaat-e-Islami Hind, Muhammad Salim Engineer said that:“we are not convinced by the government’s claim that the demonetization scheme will curb black money. If black money was to be curbed, why introduce the 2000 rupee note. The assumption that black money is all hard cash and stashed in gunny bags is highly overstated. A substantial part of black money is stashed in Swiss banks, converted to bullion and invested in real estate. There is no concrete effort to book the guilty of siphoning funds abroad or having ‘’benami’’ property. This sudden announcement by the government appears to be an election stunt and has resulted in a lot of inconvenience to millions of poor and middle class citizens. Lower income groups without a bank account, farmers and laborers are unduly penalized by this demonetization. The cash economy which actually protected India from the sub-prime financial crisis of 2008 will be irreparably damaged by this move and will kill the local market. Honest tax paying citizens and housewives who have saved cash in their homes over a period of time are unnecessarily punished’’.

Salim Engineer continued: we demand that the government should come out with a white paper on the cost and proposed benefit of this entire exercise. The government must extend all possible measures to reduce the inconvenience caused to ordinary citizens. We are not in favor of the Rs 2000/- currency. 

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