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Mamata Banerjee slams PM Modi’s decision to scrap Rs 500 and Rs1000 notes

While PM Narendra Modi's surprising announcement on Tuesday evening to demonetise R1000 and R500 notes have been hailed as masterstroke against corruption and black money by experts, West Bengal Chief Minister Mamata Banerjee called it a "draconian decision."
Mamata Banerjee

While PM Narendra Modi’s surprising announcement on Tuesday evening to demonetise R1000 and R500 notes have been hailed as masterstroke against corruption and black money by experts, West Bengal Chief Minister Mamata Banerjee called it a “draconian decision.”

Calling it “heartless and ill- conceived blow” Banerjee said that the Prime Minister is only trying to divert attention from his failure to bring back black money.  “The PM could not get back the promised black money from abroad from the rich so a drama to divert his failure,” Banerjee tweeted minutes after the announcement.

Banerjee accused the Modi government of “scripting a drama to divert the attention from its failure to bring back black money from abroad”.

“Withdraw this draconian decision. While I’m strongly against black money, corruption, deeply concerned about common people, small traders. How they will buy essentials tomorrow? This is a financial chaos and disaster let loose on the common people of India. The PM could not get back the promised black money from abroad from the rich, so a drama to divert (attention from) his failure,” she said in a series of tweets.

The Congress and the Communist Party of India too said the sudden decision, announced by Prime Minister Narendra Modi in an address to the nation, would create “a lot of problems for traders, small-time businessmen and housewives.”

Business leaders, however, lauded the Centre’s decision. “It is a very bold decision to curb black money in the system and is going to strengthen the rupee going forward. We are at an early stage of a cashless economy and the stock market always cheers such bold policy decisions,” Chandan Taparia, derivatives analyst, equity research, Anand Rathi Financial Services, told ETMarkets.com.

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