New Delhi: Slamming the Modi government move of demonetisation, Delhi Chief Minister Arvind Kejriwal said, "Not a single rupee of black money will come into the system. That black money will go into the system of the BJP. This is a very big scandal."
Responding to Finance Minister Arun Jaitley's statement that the surge in bank deposits had come from arrears of the 7th Pay Commission, Kejriwal argued that arrears alone is too small a component to explain a huge surge. "I am challenging that not even a single person with black money is standing in these queues," the Chief Minister claimed while asserting yet again that "friends of Modiji and friends of the BJP" had been tipped off about the move.
Arvind Kejriwal asked the Prime Minister for a transparent method to eliminate corruption that took Opposition leaders into confidence. The Delhi Chief Minister spoke to CNN-News18's Rupashree Nanda.
Your party was born out of the anti-corruption movement. This move ( demonetisation) is one of the boldest moves that the Modi Government has taken. To eradicate black money was a manifesto promise of the BJP. There is also a lot of support for this move even as people are going through a lot of hardship, because people believe that in the long term it will work. It is also said to be fight against terror, against counterfeit currency? Are we jumping to a conclusion that it is not going to work and therefore denouncing it ?
You have asked me too many questions at the same time. We have to understand this first that when the scheme was initially announced, we took two to three days to understand it before we gave out our statement. We fought the biggest battle against corruption in this country. We were the first one to raise the issue of Robert Vadra at that time when people were scared of him. We were the first to expose the Swiss bank accounts of the high and mighty in this country.
If this scheme had been a good scheme and if black money would have been traced, I would have stood in support of Modiji. When Modiji launched the Swachh Bharat programme, I was the one who came out in support of him with a jhadoo (broom) in my hand.
Some people are confused and it is important that this confusion is removed. There are two kinds of people in this country. The first, who have black money; and the second, who do not have black money. People who are queuing up in front of banks and ATMs do not have black money. I am challenging that not even a single person with black money is standing in these queues.
People who have black money are also of two kinds. One, who are the friends of Modiji, of the BJP; and ones who are not the friends of Modi ji, or the BJP. Modiji's people, those belonging to the BJP had information of this move a week to two months earlier – they got the signal that such a move will come, you take care of your money, aap apne paise thikane lagalo'.
That's an allegation you are making as a political opponent.
I am giving you proof. Look at how the deposit in the Bank of Baroda have surged. From January till June, all their deposits were in the negative, that is they were going lower. Minus 2.1, minus 2.7. minus 3.7 pc. Between July to September, it suddenly shows a jump of one pc. Whose money has been deposited here?
Take the case of Union Bank - from April till June, it was minus 1 pc and from July to Sept, a 6 percent growth rate? Whose money has been desposited here? This must be investigated? There is a suspicion that this money belongs to those people who already had been tipped off about the demonetisation move. But deposits is not the only thing they did. They bought property. They deposited in Swiss banks, sent the money out to foreign shores?
Who is the head of BJP's legal Affairs in Punjab? I am showing you the picture of Sanjeev Kamboj . He tweeted pictures of wads of Rs 2000/- denominations on 6th Nov, 10.53 am. How did he get hold of these wads of two thousand rupee notes two days before (the PM announced demonetisation )
A businessman in Mumbai who calls himself a die-hard Modi bhakt tweeted pictures of 2000 rupee denominations on the 5th itself. From where have these people got these wads before two to three days? This means BJP and all of Modiji friends had been told about this and given time to 'fix' their money.
The ones who have huge amount of black money and those who are not Modi's friends, how will they 'fix' their money? All these people are being threatened by the government. If you deposit more than 2.5 lakh rupees, you will have to pay a penalty of 200 pc. So the message is clear - do not deposit your money. So if you have Rs 10 crore black money, you will have to pay a tax of 30%, 60% penalty - so effectively you will lose 90%. Of the 10 crores you will get just 1 crore back. Not a single person who has this kind of black money will ever go to the bank to deposit his black money if he stands to lose 90% of his money.
So what are these people doing? They are buying gold ( 30000/- is the official rate, 56,000/- is the rate in the black money market, buying dollars ( 68/- is official rate and 116/- is the price against black money in the market), property and so on... the price of property is also going up.
So this black money is now just rotating hands, it is not coming into the economy. Now, the one who will sell his dollar, gold and has to convert the old 500 and 1000 rupee notes, will go to new touts who will home deliver Rs 2000/- notes against a commission of 40 to 50 % . Effectively, not even one rupee of black money has come into the system, the black money has changed hands.
A big portion of the black money with the Congress, SP, BSP, and with others will go to the touts of the BJP, the system of the BJP. There is no other consequence of demonetisation.
The people who are standing in lines, they are not standing to despoit black money. It is my hard earned money that was deposited with the banks - now Government is saying you can withdraw 1000/-, 10,000/-. It is my money and I cannot withdraw it?
The black money is going through informal channels into the BJP system.
The people in this country are very upset. Some people have a misconception that there is difficulty but at the end, black money will be either traced or eliminated. I want to tell them all that not a single rupee of black money will come into the system. That black money will go into the system of the BJP. This is a very big scandal.
When you are saying this, you are assuming that the government is not monitoring transactions. This is the first step that the Government has taken. What about the other steps it might take? The PM has said on Saturday that after December 30th, there will be more action against black money?
Why does not the prime minister tell us then? As of now, even you know what is going on in this market. If someone had 100 crores, he is buying dollars, gold ; his black money component reduces by 50%; the one who bought the dollars and gold will exchange the old notes of 500/- - 1000/- denomination notes with the touts who have sprung up for this only.
If the PM is saying, he will take more steps, let him tell us what steps he will take so that confidence is built.
On Saturday the Finance Minister was asked about the surge in bank deposits that you are referring to ... he said this was due to arrears of the 7th pay commission?
We have calculated all this. A surge of one percent, two percent is huge, arrears is a very small component... it is not just that.
The other criticism against politicians who are making this argument is that the real story is getting lost in the hardship that the common man is facing. Because a lot of unaccounted cash is with political parties like SP, BSP, which is why they are making such noises- it could also be there with the Aam Aadmi Party?
This demonetisation will not bring the black money of SP, BSP or Congress into the system. It is changing hands. 50% of that black money is coming out of these parties and is going to the BJP. It is an operation surgical strike through which 50% of the black money is going to the BJP though commissions.
If you really want to eliminate black money you have to attack the source. You have the list of 648 people which had come in 2011 and has the names of the high and mighty, whose Swiss banks accounts I had exposed. Earlier, it was the Congress that was hand in gloves with these people and did not act against these people. Now, Modiji is not taking action against these people because these people are his friends. Of this 648 people, if you send just 100 to jail then you would have won the fight against black money by the same evening
About fake currency - this confusion that is created by them is deliberate. Now their intention is also suspect. In this great confusion, how will anyone check whether the 500/- 1000/-rupee notes that are coming are real or fake? Will then the fake notes also not be converted into real money?
Is any checking possible when the operation is at such a scale? Whether it was Rs 10000/- crore or Rs 40000/- crore of fake currency, it will all be converted into real money.
And newspapers are reporting that fake 2000 rupees currency notes are already being circulated. The scourge of fake currency can only come to an end if there is action against those who are printing black money, if they are jailed
West Bengal's Mamata Banerjee is one of the most vocal critics of demonetisation. She has said that she is willing to work with the CPM, burying historical differences with the party. She has said she is willing to take up a leadership position amongst opposition leaders - are you willing to accept her leadership in this fight against demonetisation?
All the people in this country must come together. What is being done in the name of demonetisation is a huge scam so that 50% of the black money in circulation will go into the system of the BJP. That is all . This has to be stopped. If the government is serious about eliminating black money and corruption, then they have to first act against the corrupt, against the 100 top corrupt industrialists, politicians and bureaucrats. A message will go out very loud and clear that corruption will not be tolerated.
If you have to do this currency change, give time of at least one month, think it through, bring all political parties together, do it through a transparent process - do it after one month, we all will support you. On the other hand if you demonetise 500 and 1000 rupees note and bring 2000 rupees notes instead, then there will be suspicion and doubt. The country will support you if you do it well. But the manner in which this has been done, it is becoming clear that the black money will come into BJP system even as the aam aadmi is unhappy.
Mamata Banerjee-led TMC Government will raise this issue in Parliament. Will you support the TMC ( in Parliament ) and accept the leadership of Mamata Banerjee?
We accept everyone's leadership. We accept Mamata Banerjee's leadership. We have said whosoever raises their voice against wrong things we are with them. We fully support Mamata Banerjee. People have to come together. This will have a negative impact on the economy. Transporters had come to meet me on Saturday. They were saying that they have no money to pay drivers, neither the drivers have money to fill petrol - how will the transportation sector run? It will affect the movement of vegetables, people will lose jobs. It is going to have a very serious impact on the economy.
Markets are shut because of raids by sales department?
There have been no raids in Delhi by the VAT department in the past 15 days. No inspector has gone to the market. This is a misconception. It is the Income Tax people who are going to the market who are stamping the sale and purchase books of the traders. When they are going through such a bad phase, I have instructed the VAT department not to harass them further.
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