Note ban to boomerang on BJP in polls: Sibal

The demonetisaton move was aimed at giving leverage to BJP in the upcoming Assembly elections but it is set to boomerang on the saffron party because of its ill-planning, Congress leader Kapil Sibal said today.

"The problems caused to the common people because of demonetisation will result in political advantage to Congress... The move is set to boomerang on BJP at the hustings," he told PTI.

"If we take only Uttar Pradesh Assembly polls into consideration, it is set to increase the vote bank of Congress," Sibal said and claimed that there was no doubt that the move was not economic but political in view of the coming Assembly polls, especially in UP.

The senior Congress leader said the move was taken in haste and barring "four" individuals, everyone else including the finance minister was kept in the dark and this is the reason why it has resulted in chaos.

Questioning Prime Minister Narendra Modi's aim of curbing black money and promoting e-transactions, Sibal, a former Union minister, said it is not possible in a country like India without a steep hike in its per capita income.

"The earnings of some 70 to 80 crore people here is around Rs 10,000 and they do not keep it in banks... Until the earnings are increased to 20,000 to 30,000 dollars, it is not possible... It has been achieved in Sweden only because its per capital income is 50,000 dollars," he said.