Cash crash has a section of BJP worried

Vibha Sharma

Tribune News Service

New Delhi, November 13

As patience of the common man runs out and the Opposition attack gets fiercer by the day, worries are creeping in the BJP over the demonitisation move and its implications over the party’s future prospects.

The “economy-stalling, common-people harassment move", as the Opposition is labelling Prime Minister Narinder Modi's sudden decision, is all set to create a storm in Parliament in the coming week.

Even as they bravely defend the move,  a section of the BJP is keeping fingers crossed that the black money culling attempt does not end up as a "self goal" for the party in the days to come.

Sources say the Prime Minister himself is keeping a “close watch on the developments” and is also expected to hold a formal review meeting to assess the exact ground situation.

In any case, several BJP leaders in private agree that the decision, believed to be a brainchild of the Prime Minister and his lieutenant Amit Shah aided by Finance Minister Arun Jaitley and his team, could have been “more refined and perhaps more well-designed”.

This, despite Shah’s assertion two days back that the BJP was not worried about the political fallout and Jaitley's "stern warning" to the Opposition against "misinformation".

Going by the current state of affairs, some BJP leaders agree that instead of issuing the cumbersome high-denomination Rs 2,000 currency, the demonetisation planners could have thought of a smaller denomination note in order to reduce some of the misery that the common people are currently facing. “Something that would not have required changes in the ATM,” they say.

Moreover, the fierce attack against the government by some “perceivable clean” Opposition leaders like AAP's Arvind Kejriwal and TMC’s Mamata Banerjee seem to be drawing favour from those standing in the long queues waiting for their turn to withdraw their money.

“Their argument that none of those standing in bank queues have black money and are actually common people is sounding more relevant than our arguments in the current circumstances. People are supporting us but the continuous attack that BJP leaders were aware of the move is creating doubts and is bound to create negative perceptions.

“The Prime Minister has promised further action, but if none is seen against those holding big money or actually, indulging in nefarious monetary activities, the advantage will be lost," the BJP leaders say, amid assurance that the next strike would be against “benami property holders”.

“Do not think that this is it. This exercise is a part of a long chain of events, which also includes crackdown against illegal account holders off-shore,” they assure.

The Opposition attack is primarily based on the premise that people in the queues do not have the black money and that “friends” of the BJP had been warned about the move long before it was actually implemented on the ground.

BJP leaders claim that by the end of the exercise around Rs 4 lakh crore would have been deposited in the banks and the black money three times this amount (around Rs 12 lakh crore)  eliminated. However, as per Kejriwal, “the black money has already been “rotated” in property, jewellery and Forex and landed in BJP accounts” may draw favour from harrowed common people standing in long queues to get what is their rightful dues.