Demonitisation move itself stood irrelevant as black money is no longer hidden in trunks, but lies openly in the form of gold and property and in several ‘fake’ bank accounts. The BJP may be the final loser if the Centre fails to stop the confusion arising from demonitisation.
Reason: It has hit the common man’s white money. It remains to be seen if the BJP would resolve the chaos arising out of the move, else it may prove costlier in the coming assembly polls in five states, experts said.
They hope demonetisation would make its presence felt in the coming polls in five stats, thereby making them less noisier. According to reports, Association for Democratic Reforms coordinator for UP Dr Lenin said a sizeable portion of Rs 1,000 crore black money would be squeezed from UP alone. Political parties spend these funds to hand over gifts to voters in the form of cash and liquor among others.
But one will have to wait for the polls to be announced to see demonitisation’s impact, reports quoting Lenin said. The collective impact of demonetisation in the five poll bound states, however, could be much more.
“The move will only succeed in providing temporary relief in the next year’s polls by tightening its grip on funds supply. Black money would again raise its head in 2018 polls. The need is more to limit political parties’ expenditure. If a candidate is accountable , why not a party. But whenever this issue was opened, all political parties collectively opposed it,” said former Chief Election Commissioner HS Brahma.
While this was so, arch rivals Bahujan Samaj Party supremo Mayawati and Samajwadi Party chief Mulayam Singh Yadav have found common ground to attack the NDA government at the Centre.
The two politicians, who formed governments in Uttar Pradesh, criticised the central government for plunging the country into anarchy and demanded rollback of the demonitisation.
Stating that the Bharatiya Janata Party stands to gain from the politically-motivated demonitisation, Mulayam said the decision to do away with Rs 500 and Rs 1,000 currency notes was done while keeping UP polls in mind. Mayawati too criticised Prime Minister Narendra Modi for the sudden decision. The two leaders said the move was taken to divert public from the failures of the central government.
Meanwhile, West Bengal Chief Minister and Trinamool Congress (TMC) chief Mamata Banerjee appealed to all political parties to come together to fight the political and financial anarchy, which has set in. Earlier, TMC issued a notice in the Upper House to discuss the demonetisation process on November 16 and said it would bring an adjournment motion on the subject in the Lower House too.