Nitish Tells Party Demonetization Is Good, Sharad Yadav Differs

Nitish Kumar added that demonetization alone will not end black money.

Bihar CM Nitish Kumar. Photo: Reuters

Amid growing protests by the opposition against demonetization, Bihar Chief Minister Nitish Kumar on Saturday again voiced support for the Modi government's decision, saying that it is a positive step which will lead to benefits.

"This 'notebandi' is a positive step which will lead to benefits. It will happen," he said addressing a JD(U) meeting. However, differences in party opinion came to the fore as former party chief Sharad Yadav targeted the Modi dispensation over demonetization.

Terming corruption and black money a big sin and a “festering wound” which must be got rid of, Kumar said, “Severe steps will have to be taken. That is why we offered our support to this (demonetization). It is a positive beginning.”

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The JD(U) president also refrained from criticising the implementation, which has been vociferously raised by the opposition.

He, however, added that demonetization alone will not end black money.

He also asked Prime Minister Narendra Modi to launch a crackdown on benami properties immediately and target black money hoarded in assets like gold and diamonds.

"Currency forms a significant part of black money but total black money is much more than that. The country's money has been laundered overseas as well and that too should be brought back," he said.

Kumar's remarks in support of demonetization, which has united most of the opposition parties against it, came after Yadav lashed out at the Modi dispensation over the issue.

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Sharad Yadav has hit out at Modi for demonetisation. (Twitter/@SharadYadavMP)

Yadav alleged that the decision is aimed at capitalising banks that were "sinking" due to Rs 8.5 lakh crore NPAs and its goal wasn’t really to target black money.

The decision has forced the entire country to stand in queue, said Yadav, who played an active role in rallying the opposition's protests before Kumar declared his support for demonetization.

He, however, also said that his party supports the step but is critical of the ill-prepared manner in which it was executed.

Kumar merely said that his government does everything with due preparation and so should the Centre.

"We support demonetization. It should be implemented with preparation. We do our work with full preparation. They (Centre) should also have done that.”

"We said there can be nothing better if it helps curb corruption, bring back some black money and stop illegal work," he said.

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