Lashing out at the Centre’s decision to demonetise high-denomination currency, Congress Vice-President Rahul Gandhi said Prime Minister Narendra Modi had confused India’s entire cash economy with the black economy.

Addressing the Congress Parliamentary Party (CPP) here on Friday, the Amethi MP said instead of attacking black money, Modi attacked the very foundations of our economy. “Even his chief economic advisor was not informed. The outgoing chief of the RBI warned him of the impending devastation, but he did not listen,” he said in the speech.

Rahul said listening to the voices of the people is the only thing that can free Modi from the clutches of his own image and make him an effective Prime Minister. “Yet he consistently refuses to do so,” he said.

Maintaining that the Congress would support all efforts to unearth black money, he said it was documented fact that only six per cent of black money is held in cash. “The remaining 94 percent is held in gold, real estate and dollars stashed abroad. This is well understood by the Prime Minister. In 2014 he had promised to bring back black money held in foreign banks and deposit ₹15 lakh in every Indian bank account. How much money has he got back? Not one rupee. How many people has he put behind bars? Not one. He has clearly failed to deliver his promise,” he said.

The ₹1.28 lakh crore loss Quoting the Centre of Monitoring Indian economy (CMIE), he said the Prime Minister’s “impromptu experiment” has already cost India ₹1.28 lakh crore in lost wages, cost of printing and logistics.

“The results of this catastrophic experiment will soon be revealed to the entire world. Every economist of any repute has already condemned it and questioned its capacity to realise the goals it is supposed to achieve. Modi has created a massive new corrupt black market that is working overtime to convert the black money to white,” he said.

‘BJP has benefited’ He alleged that BJP units in numerous States were told of the Modi’s decision beforehand. “It is clear that our GDP growth will be devastated. India’s poor have been landed a body blow. Millions of migrant labourers and farmers have been crushed. Entire industries have been destroyed. Cash has been snatched from the hands of our women and most disturbingly, people have lost the right to access their own hard earned money. The poor stand in line while the corrupt are been given a free bypass through the new income tax law,” he added.

‘Modi’s Pak policy is a mess’ He also attacked the Kashmir policy of the Centre and its approach towards Pakistan. “The Government has got itself into a complete mess with regards to Pakistan. Their policy on Pakistan is a complete failure. Why must the people of India suffer long speeches and irresponsible statements while militants supported by Pakistan walk into our army bases and kill our jawans at will?” he asked.

BJP hits back The BJP slammed the previous Congress-led government, saying it is the incumbent NDA that has freed the country from the “prison” of policy paralysis and ushered in social security and curbed corruption. “Rahul Gandhi himself suffers from arrogance and incompetence. Had he been not incapable, the UPA government would not have suffered from policy paralysis, committed scams worth ₹12 lakh crore and brought India a bad name. He is the biggest symbol of non-serious and negative politics in the country,” the BJP said in a statement.

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