Demonetization had no impact on black money : Former CEC OP Rawat

Though Prime Minister Narendra Modi claims that his government able to check block money due to demonestization, former Chief Election Commissioner OP Rawat has said that note-ban did not had any impact on the black money.

He said that after demonestization it was thought that misuse of money during the election will be brought down. But, he deplored that  it couldn’t be proved on basis of the data of the seizures. Compared to previous elections, he claimed, there were more seizures in the same states.

According to him, till now about Rs 200 crore was seized in five states, where assembly elections are in progress. Stating that political class and their financiers seem to have no dearth of money, he expressed concern that there was no check on flow of black money in the elections.

His reactions on the basis of his field experiences gained significance, following former Chief Economic Advisor Arvind Subramanian’s observation stating demonetization was a massive, draconian, monetary shock that accelerated economic slide to 6.8 % in the seven quarters after it against the 8% recorded prior to the notes ban.

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