Modi's Demonetization Move Helps Corporates: CPI

CPI State Secretary Chada Venkat Reddy questioned the Centre on the true intention behind the reason to demonetize the 500 and 1,000 currency bills, and pointed out that Prime Minister Narendra Modi did not bring unaccountable money back to India from offshore accounts even after two years in Office, despite his election promise.

Participating in a Party meet at Shamshabad on Saturday, Reddy lashed out at Modi for allegedly favouring black money hoarders and troubling the general public with the move.

"Modi is working in favour of big corporate and has cleared almost Rs. 2 lakh crores towards their loan arrears. He has also given Rs. 10 lakh crores of tax subsidy to all big industries recently. The recent move to demonetize the two currency bills in an unexpected and unplanned fashion further shows that the Modi government is pro-rich and anti-poor. This decision has cost some people their lives, while others are struggling to even buy food or make other day-to-day transactions," the CPI leader said.

He also slammed the PM for allegedly publicizing the demonetisation of big notes on billboards for political mileage.

Swachch Bharat Mission and Make In India remained on paper and never saw fruition, he claimed. Pointing out that around 350 MPs in India were millionaires, he demanded that Modi make declare their assets publicly and order raids in their residences.

Party leaders P Venkataramulu, Srujana, K Srisailam Goud, M Narasimha, K Narsimha, Sailu Goud, E Narsimha, D Sudhakar, K Narasimha Reddy, Bala Narsimha, Sayyad Afsar, Zahir Khan, Riyaz, Ravindra Chary, P Parvathalu Srinivas and Yadaiah participated in the meeting while P Jangaiah, P Narsing Rao, R Nagesh Goud, K Narsimha Reddy and K Narsimha presided over the program.