'Now We Have Modi Antoinette,' Says Left's Sitaram Yechury In Notes Ban Debate

New Delhi: Left leader Sitaram Yechury borrowed from a meme being shared on social media to take a swipe at Prime Minister Narendra Modi as he criticised the way the government has pulled Rs. 500 and Rs. 1,000 notes to combat black or untaxed money.

"In the French revolution, they said if you don't have bread, eat cake. Now we have Modi Antoinette. If you don't have paper, pay by plastic," said Mr Yechury, while speaking in a debate in parliament on the notes ban.

The CPM leader said the government's decision had punished the poorest like daily wagers leaving them without cash in hand for essentials. "80 per cent is cash economy, everybody is suffering," Mr Yechury said, also adding, "The bulk of black money is not a stock, it is a flow. Those you are not stopping. The small fishes are dying while the crocodiles are enjoying."

Opposition parties are attacking the government in Parliament for what they allege was a badly planned demonetisation move, which left people stranded without cash. The process of exchanging old notes for new has been arduous with people having to queue up for hours at banks.

The government has said it had to make a sudden announcement on demonetisation for an effective crackdown on black or untaxed money. Financial experts have said the decision holds long-term benefits for the economy after the initial teething period, for which PM Modi has sought 50 days.

Union minister Piyush Goyal said during the debate that the decision had "taught the corrupt a strong lesson" and that the removal of the old notes has been so welcomed that "a festival of honesty is being celebrated across the country."

Mr Yechury's party has pledged to be part of a united opposition onslaught on the government on demonetisation in Parliament, but did not join a march led by arch rival and West Bengal chief minister Mamata Banerjee to petition the President against the notes ban.