NABARD rebuts Congress’ allegations of Amit Shah-linked bank's demonetisation haul

The National Bank for Agriculture and Rural Development (NABARD) on Saturday denied Congress’s allegations that banned notes of worth around Rs 745.58 crore were deposited in Ahmedabad District Cooperative Central Bank (DCCB), where BJP President Amit Shah was a director.

According to a statement issued by NABARD, the average amount deposited in the Ahmedabad DCCB was Rs 46,795 per account holder, which was lower than the average cash deposited in 18 DCCBs of Gujarat.

The Congress party, including its chief Rahul Gandhi, had alleged irregularities in Rs 745.58 crore deposits made in the bank within five days of note ban announcement and demanded an explanation from the BJP.

“Congratulations Amit Shah ji, Director, Ahmedabad Dist. Cooperative Bank, on your bank winning 1^st prize in the conversion of old notes to new race. 750 Cr in 5 days! Millions of Indians whose lives were destroyed by Demonetisation, salute your achievement,” Gandhi tweeted on Friday with #ShahZyadaKhaGaya.

Attacking the Prime Minister Narendra Modi for “disaster” demonetisation, Congress spokesperson Randeep Singh Surjewala claimed that the exercise was actually the “biggest scam” of Independent India.

“PM choreographed the demonetisation, leaving out the window for black money hoarders to benefit. Nineteen months post ‘Modi Made Disaster’ of demonetisation, it is now officially clear that this entire exercise was the biggest scam in Independent India, indulged to convert its ill-gotten ‘black money’ into ‘white’, Surjewala said in a press conference on Friday.

On 8 November 2016, Modi had shocked the country by announcing his sudden decision to ban the currency notes of Rs 500 and Rs 1,000. The move left the country in chaos, with people standing in long queues for hours to deposit their old notes in the banks.

During the demonetisation period, as many as 100 people had died standing in long queues across the country. The government, however, hailed the move as a “surgical strike” against the black money. However, the Modi government later changed the goal post and claimed that the move was targeted to promote the digitalisation in the country.