Don’t support black money, but it gave India cushion against recession: Akhilesh | india-news | Hindustan Times
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Don’t support black money, but it gave India cushion against recession: Akhilesh

Uttar Pradesh chief minister Akhilesh Yadav on Tuesday said he was opposed to black money but cited experts as saying that the parallel economy helped India tide over the global economic meltdown when even developed countries faced a crisis.

black money crackdown Updated: Nov 15, 2016 19:29 IST
HT Correspondent
Uttar Pradesh chief minister Akhilesh Yadav waves at a crowd during a rally in Lucknow.
Uttar Pradesh chief minister Akhilesh Yadav waves at a crowd during a rally in Lucknow.(PTI)

Uttar Pradesh chief minister Akhilesh Yadav on Tuesday said he was opposed to black money but cited experts as saying that the parallel economy helped India tide over the global economic meltdown when even developed countries faced a crisis.

The Samajwadi Party (SP) leader’s comments could add fuel to the growing debate over the Narendra Modi government’s shock decision to demonetise the old Rs 500 and Rs 1000 banknotes in a move to stamp out illicit cash.

“I am very clear on this...black money should not be generated. Economic experts say the magnitude of the global economic crisis at times is not felt in India because of strong (parallel) economy of black money,” he told reporters after flagging off a three-nation motorcar rally.

Read: UP polls: BJP seeks gain from demonetisation; Cong, SP rework strategy

“...Ab buaji ko dekho, note ki mala kaun pehenta hai sab jaante hai (Look at ‘buaji’. Everybody knows who wears garland of banknotes),” he added in a reference to BSP chief Mayawati, who had faced corruption allegations during her tenures as chief minister.

Though not opposed to the demonetisation, Akhilesh had earlier written to the Centre seeking relaxations for exchanging and using old banknotes, especially for the rural populace of the poll-bound state.

He reiterated on Tuesday the Centre was unprepared for the challenges of scrapping the high-value banknotes, leaving the country’s citizens struggling to meet their daily cash needs.

“Relaxations should have been made, at least for the farmers who often deal in cash and do not often carry out bank transactions,” he said.

Read: Check against repeated exchange of notes: Banks to use indelible ink

It would take over six months for the situation to normalise, he added.

“Jo sarkar janata ko dukh deti, janta usko hata deti (The government that makes people unhappy, is thrown out of power by the masses).”

On the BJP’s Parivartan Rally, the CM said people were not turning up for the programmes as most of the people were queuing up at banks and ATMs for exchange and deposit of defunct currency.

The rally is being taken out to stress the importance of the proposed IMT Motor Vehicle Agreement for regional connectivity and integration. The rally began from New Delhi on November 13, and will conclude in Bangkok on December 3.

The proposed agreement between India, Myanmar and Thailand is expected to ease movement of cargo and passenger vehicles between the three nations.

Read: UP: Retired teacher dies after standing in bank queue for 8 hours

Read: Opposition rattled, criticism of demonetisation move baseless: Venkaiah