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95 per cent black money intact in non-currency form: Karat

Press Trust of India  |  Chennai 

Claiming that 95 per cent of the black money was intact in non-currency forms, CPI(M) leader today alleged that instead of targeting it, the Centre wants to "conceal the identities" of those hoarding such illegal wealth.

She said withdrawal of 14 lakh crore currency notes from circulation and illegalising it does not make any "logical sense because 90 to 95 per cent of the black economy is intact in land, real estate, foreign banks, (including) Swiss banks, Panama papers and gold."

"So these are the main avenues of black money and instead of attacking it, (Narendra) Modi's government wants to conceal the identities of the culprits," the CPI(M) polit bureau member told reporters here on the sidelines of a function.

Later, she participated in another event held by the All Democratic Women's Association against violence targeting women and girl children and administered a pledge against such violence.

On November 25, while addressing a protest here, Karat had termed the Centre's demonetisation move as a "totally, utterly misconceived project."

Accusing Prime Minister Modi of having replaced "logic with emotion" on taking policy decisions, she had called for roll back of demonetisation initiative.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, November 27 2016. 19:57 IST