Probe how 90% of banned notes are back in banks in 50 days: Kapil Sibal

MUMBAI: Terming demonetisation of Rs 500 and Rs 1,000 notes the biggest ever scam in the country, senior Congress leader Kapil Sibal on Saturday demanded a judicial probe to find out how more than 90% of the banned notes were back in banks in a record time.
“It’s a conspiracy. It should be probed. A judicial commission should be set up to inquire as how the black money is back in the system. So far, out of the Rs 15.97 lakh crore (the worth of Rs 500 and Rs 1,000 notes that were scrapped), Rs 14.96 lakh crore is back in the banking system and that too in a record period,” the former union minister said.
“The decision on demonetisation was taken by the RBI board on November 8.We had filed an RTI query. We were informed that out of the total 21 members, only eight were present at the November 8 meeting. Not a single independent director attended the meeting. It was a decision of the government and the RBI board,’’ Sibal said.
He said prima facie it appears that the BJP was the biggest beneficiary of the demonetisation. “A huge number of BJP leaders were found in possession of the new and the banned currency notes, but so far no action has been taken against them. Even after 50 days of the decision, there is no normalcy. We fear that bad days are ahead for the common man,’’ Sibal added.
He reiterated the demand for postponing the Union Budget to ensure free and fair assembly polls. “We had urged the NDA government to reconsider its proposal to present the Budget on February 1 in view of the elections in five states. We have also approached the Election Commission. If our proposal is not accepted, we are preparing to approach the judiciary. In our opinion, there is no justification for advancing the Budget,’’ he said.
Meanwhile, Mumbai Congress president Sanjay Nirupam led a procession to the suburban collector’s office to protest against demonetisation. In a memorandum submitted to the collector, Nirupam asked the PM to declare the black money deposited in banks ever since the demonetisation decision was taken on November 8.
Alleging that Rs 649 crore was recovered from 37 BJP leaders in the last 60 days, he said this should be probed by an independent agency.
Nirupam said that since demonetisation, 138 people have died and more than 45 lakh people have lost jobs owing to closure of a large number of industries. “India is the first country in the world where people cannot withdraw their own money from bank. Modi had sought a time of 50 days, but now 60 days after the decision, there is no normalcy. In fact, it’s the worst ever situation. The RBI is imposing new restrictions on a daily basis,’’ Nirupam said.