Centre's clueless in declaring false aims, says Brinda Karat

The Communist Party of India (Marxist) on Wednesday condemned the Centre over demonetisation and for being clueless in declaring aims of pursuing such policies.

"This government is completely clueless because, its declared aim has been proved to be utterly false and has only led to a loss of crores of people's livelihood. Nobody minds standing in queue for one day or two days. If you have to do it, you will do it. It's the livelihood which is lost. It's the jobs which are lost. Thousands of workers have to go back to their states because where they were working, those place have closed down because of demonetisation," CPI (M) politburo member Brinda Karat told ANI.

She further said that the Reserve Bank of India (RBI) is doing exactly what the government has asked them to do.

"This government has utterly failed and its claim that demonetisation is going to lead to the elimination of black money has been proved to be utterly false, because, most of the notes which had been banned have come back into the banking system through deposits. Thanks to Mr. Modi and Mr. Jaitely, all the black money has been turned into white" she added.

The RBI had partially reversed the rule that restricted people from depositing over Rs. 5000 in old bank notes more than once till December 30.

The relaxation will, however, apply to "fully KYC compliant accounts" where KYC pertains to customer information details.

Earlier on Monday, the RBI had announced that deposits in old notes will be limited to Rs 5000, and those exceeding the sum will come under scrutiny.

The announcement comes after a lot of criticism of the government for adversely affecting people who had waited for the queues at banks to reduce.