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Calling demonetisation a "flop", Delhi Chief Minister Arvind Kejriwal today alleged that Prime Minister Narendra Modi's "arrogance and obstinacy" has pushed the country 10 years back and that the measure has "failed" to curb black money, corruption, circulation of counterfeit currency and terror financing.
Kejriwal claimed that black money and corruption have "increased" by 10 times ever since the ban of high-value currency and demanded that cases of cheating and fraud be lodged against those responsible in the Centre for the mess.
"Today, it has been 20 days of introducing demonetisation of high currency notes. It has completely failed to curb black money, funding to terrorism, fake notes and corruption. Demonetisation has flopped," he said while addressing a press conference.
The Delhi Chief Minister alleged that counterfeit notes are being churned out even faster than what RBI is doing which gives rise to suspicion as to whether it is a way to convert black money into white.
"Since demonetisation was announced, Rs 8 lakh crore has been deposited by the people in their bank accounts and according to our information, out of them, no black money has been deposited so far...The PM's arrogance and obstinacy has pushed the country 10 years back.
"In comparison to October, corruption level and generation of black money have increased by 10 times. US Dollar is legally available for Rs 70, but in black market, it is being bought at Rs 116 per USD.
"Gold is also being bought for Rs 30,000 per 10 gm, but through wrong channel, it is being bought for Rs 56,000," he alleged.
The Chief Minister said that Centre has also brought drastic cuts in fixed deposit interest rate which will pile misery on the elderly.
"The Prime Minister is probably avoiding Parliament as he is scared of facing certain allegations against him," Kejriwal said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)