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Demonetization, the largest money laundering scheme ever: Arun Shourie

demonetization

New Delhi: Former leader of BJP, Arun Shourie on Tuesday called demonetization “the largest money laundering scheme ever” that had given the country “idiotic jolt”. He told this during a discussion with NDTV adding that withdrawing the high-value currency notes in November, 2016 was the cause for the economic slowdown in the country.

“The demonetization was the largest money laundering scheme ever, conceived and implemented entirely by the government”, Shourie said, adding that it had allowed black money hoarders to convert their cash into white.

The Reserve Bank of India (RBI), in its report released on August 30 had confirmed that Rs 15.28 lakh crore , or more than 99 percent of the value of the currency that was banned, had returned to the banking system by June 30. This proved that demonetization had failed in weeding out black money which was the prime goal of the measure.

The economist and former Union minister also said that though introducing the Goods and Services Tax was an important reform, it was poorly implemented. He called the special midnight Parliament session to roll out the GST on June 30 “event management” and said a tax reform had been equated with the independence of India.

 

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