Duplicity of CPI-M – Want to save Co-Op Banks in Kerala but want action on them in West Bengal

Is CPI-M taking opposing sides at the same time on the same issue?

The CPI-M takes up opposing stands on the Co-operative Banks in Kerala and West Bengal
The CPI-M takes up opposing stands on the Co-operative Banks in Kerala and West Bengal
CPI-M has often shown to be using different yardsticks while ruling Kerala and as an enervated opposition in West Bengal. The latest saga is after demonetization. In Kerala the majority of the Co-Operative Banks are the control of ruling CPI-M and these banks have lost secrecy and cannot exchange cash due to demonetization. The CPI-M is hell bent with protests for saving the autonomy to Co-Operative Banks and the entire state cabinet led by Chief Minister Pinarayi Vijayan staged a dharna (protest) in front of the regional RBI office urging for autonomy and non-control on Co-Op Banks. This protest march was inaugurated by the Party General Secretary Sitaram Yechury.

CPI-M MPs met the Prime Minister and Finance Minister for exemptions to the Co-Operative Banks in Kerala, while the party’s MPs from West Bengal shot off letters to all authorities to control and probe and even block the money in the Co-Operative Banks, allegedly stashed by their rival party Trinamool Congress.

But in the same week, CPI-M’s West Bengal leaders wrote to the Union Finance Ministry, Reserve Bank of India and several investigative agencies to control and probe the deposits in the Co-Operative Banks in the state. The accusation was that the ruling Trinamool Congress is parking black money and conducting hawala operations in these Co-Operative Banks.

This funny situation played out in the Parliament as CPI-M MPs met the Prime Minister and Finance Minister for exemptions to the Co-Operative Banks in Kerala, while the party’s MPs from West Bengal shot off letters to all authorities to control and probe and even block the money in the Co-Operative Banks, allegedly stashed by their rival party Trinamool Congress.

CPI-M Deputy Leader in Lok Sabha Mohammed Salim went ahead and wrote to the RBI and alleged that every Co-Operative Bank in the state was conducting black money operations and stashing illicit funds.

Now CPI-M General Secretary Sitaram Yechury has come out with a curious explanation that Kerala’s Co-Operative Banks controlled by them are like angels and West Bengal’s Co-Operative Banks controlled by the rival Trinamool Congress are like demons!

In ruling Kerala, demonetization is a pain and in West Bengal it is joy for the CPI-M.

The fact of the matter is that the Co-Operative Banks are totally controlled by political parties and they are not observing RBI or Banking or any Income Tax norms. There is no transparency in the deposits or accounting pattern or administrative procedures in the Co-Operative Banks. It is time to bring them under the rules of Banking and prevent money laundering and parking of unaccounted money. In ruling Kerala, demonetization is a pain and in West Bengal it is joy for the CPI-M.

This is not just limited to the CPI-M. Can Sharad Pawar explain why he was supporting demonetization on November 9th only to oppose it a few days later?

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1. Text in Blue points to additional data on the topic.

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