Cooperative banks in South India – Relief for politicians

Cooperative banks in South India – Relief for politicians

Hyderabad: Many faces are being exposed after the demonetization of currency in the country. It seems that those politicians who are close to the ruling party are being benefitted whereas the common man is suffering. It is understood that the ruling class had already given signals to its allies about the steps that are likely to be taken for demonetization.

The situation created after the night of 8th November does not seem to have affected certain political. There as many cooperative banks in south India which have established by politicians. Before the cancellation of higher currency notes, these cooperative banks have started new branches which are causing suspicion in minds of the people. WikiLeaks had exposed use of black money in elections in the southern states. It is understood that most of the politicians got the currency notes exchanged through these cooperative banks.

In the month of October, a person from Hyderabad declared Rs. 10000 crore black money voluntarily and got his money made white by paying 45% tax. It was also indicated that Hyderabad was on the top in declaration of black money but no discussions were held on this issue. People have come to know now that who could deposit such huge amounts which he had procured without any business transition.

It is reported that before the announcement of demonetization, a political leader struck a deal of Rs. 60 core for the construction of a colony in Balapur named after this son. It is also under the scanner.

–Siasat News