Rahul Gandhi alleged that crony capitalists also got their Rs 3.16 lakh crore debt written off.
Rahul Gandhi's Twitter handle has been abuzz with corruption allegations against the government and Prime Minister Narendra Modi. His tweets are heavy with eye-popping figures and graphics. Sometimes he throws in memes for effect. Today, he tweeted his interpretation of the notes ban or demonetisation announced by PM Modi in November 2016.
The scrapping of Rs 500 and Rs 1,000 notes led to lengthy queues outside banks, but the prime minister requested all to be patient. He had outlined three broad objectives of the exercise -- black money, corruption and terror funding.
Taking a swipe at the government, the Congress chief said that demonetisation meant queuing up and depositing all their money in banks for the common man. For crony capitalists, it meant converting their black money into white.
"(In) Modi's India, For Common Man: Notebandi-line up and put ur money in banks. All ur details into Aadhar. U can't use ur own money. For Crony capitalists: Notebandi-convert all ur black money to white," he tweeted.
Mr Gandhi also alleged that crony capitalists got their Rs 3.16 lakh crore debt written off using public money.
The Congress leader referred to a report which, citing the 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.
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.
On Sunday, Mr Gandhi had also targeted the government for using public money to bail out debt-hit Infrastructure Leasing & Finance Services (IL&FS) group. He alleged that PM Modi is rescuing the group via public savings in Life Insurance Corporation (LIC) and the State Bank of India (SBI).
The IL&FS Group is a vast conglomerate with a complex corporate structure that funds infrastructure projects across the country. It has a debt burden of over Rs 90,000 crore.
In his tweet titled "Lights, Camera, Scam", Mr Gandhi alleged that in 2007 when PM Modi was the Chief Minister of Gujarat, the IL&FS was given the "Gift City" project worth Rs. 70,000 crore and till date no work has been done under the plan.
And then in 2018, he added, PM Modi is bailing out the same company via LIC and SBI.
In another tweet addressed to PM Modi, he asked why should public money be used to save the sinking IL&FS? "People of India have faith in the LIC. They save every single penny to buy an LIC policy. So why should their money be used to save fraud companies?" he posted on Twitter.
He also expanded the IL&FS to "'I Love Financial Scams".