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‘In Modi’s India, Demonetisation Meant Lining Up & Depositing Money In Banks For The Poor. For Crony Capitalists, It Meant Converting Their Black Money’

Crony capitalists got their Rs 3.16 lakh crore debt written off using public money.

New Delhi: Taking a swipe at the Centre, Congress chief Rahul Gandhi Monday said in “Modi’s India”, demonetisation meant “lining up and depositing money in banks” for the poor, while it was a “means of converting their black money” for crony capitalists.

He also alleged that crony capitalists got their Rs 3.16 lakh crore debt written off using public money.

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“Modi’s India – For Common Man: Note bandi-line up and put your money in banks. All your details into Aadhar. You can’t use your own money.

“For Crony capitalists: Notebandi-convert all your black money to white. Let’s write off 3.16 lakh crore using common man’s money,” Gandhi said on Twitter.

The Congress leader also hit out at the BJP-led NDA government over a media report which, citing Reserve Bank of India (RBI) data, stated that public sector banks had written-off over seven times the recovery amount in the last four years.

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Between April 2014 and April 2018, the country’s 21 state-owned banks ended up writing off Rs 3,16,500 crore of loans even as they recovered Rs 44,900 crore written off on a cumulative basis or less than one-seventh the write-off amount, the report said.

The Congress president has often targeted the government over writing-of bad debts of industrialists and not of farmers.

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