Congress alleges real agenda of demonetisation is to bail out non performing assets

Kapil Sibal says that the money of the common person was going to be used by the government to bail out rich industrialists

The Congress Party on Tuesday made a sharp attack on the Narendra Modi government alleging that the real agenda behind demonetisation was to mop up resources in order to bail out the non performing assets of banks which were owed by several industrialists.

Kapil Sibal of the Congress Party made this strong allegation when he said, "Out of the roughly 16,000 crore rupees in the market, the government hopes to see 10,000 crores placed in the banks. The balance 6,000 would be generated by the RBI and placed at the disposal of the government and the real objective of that fund was to pay off the non performing assets of banks."

Sibal added that the money of the common person was going to be used by the government to bail out rich industrialists.

Taking a strong exception to the unwarranted criticism of the government, Union Information and Broadcasting Minister M Venkaiah Naidu earlier accused the opposition parties of belittling the Centre's move intended to benefit the poor.

"Some opposition parties are resorting to this malicious campaign to belittle the move taken by the government which will benefit the poor," said Naidu.

"There had to be an element of surprise or the unscrupulous elements would have taken advantage. There was no question of sharing it," he added.

Naidu also rubbished reports of the Centre pre-informing some people about the demonetisation move.

"To say that the government had informed some people in advance is an absurd allegation. Demonetisation step was taken to check the misuse of this high value notes by sponsors of terror and black money holders," he said.

Prime Minister Narendra Modi has told NDA allies that there was no need to be defensive on the government's decision as there is widespread support for it and people are ready to face hardships for larger gains.

He urged NDA allies to go to the public and explain the long-term benefits of demonetisation in curbing corruption and black money.

The Prime Minister also asked them not to buckle under the opposition's pressure.

Meanwhile, the government has convened an all-party meeting today to seek cooperation from leaders of the both the Houses for smooth functioning of Parliament.