Demonetisation alone can’t weed out black money: CPM

Talking to newsmen on the sidelines of the three-day state-level conclave of the CPM, Ramakrishnan opined that mere demonetisation would not suffice to weed out the huge pile of black money in the country. A slew of measures need to be taken to curb dirt cash, he added. 

Pointing out that there were bad loans with various nationalised banks to the tune of Rs 12 lakh crore, the CPM leader said that a majority of them formed a major chunk of black money and black economy. 

The entire sum should be recovered and without taking any step in that direction there was no point in announcing demonetisation of a couple of high value denomination notes, said Ramakrishnan. 

Opining that the functioning of state government was not satisfactory as Chief Minister J Jayalalithaa, is at hospital, the CPM leader said that no one has been appointed to her post. Though Finance Minister, O Paneerselvam has been assigned to handle the responsibilities of the Chief Minister there was no effective governance, he added. 

Earlier, Sitaram Yechury, a senior functionary of the party, inaugurated the state conclave and spoke on the condition of present day politics besides the challenges faced by the party. He appealed to the cadre to work towards the upliftment of the party. 

On the third and final day CPM leader Prakash Karat would deliver the valedictory address. A host of national and state level leaders participated in the conference.