The government’s decision to demonetise currency notes of higher denomination is politically motivated says Jitendra Awhad.
After opposition parties sharpened their attack on Modi government for demonetisation of 500 and 1000 rupee notes, NCP MLA Jitendra Awhad has demanded the government to release a white paper pertaining to this issue. He has asked what was the proportion of circulation of higher denomination notes in the economy and what was their market value? Awhad also wanted to know whether the government has made any alternative arrangements before going ahead with the demonetisation decision so that it may cause minimum inconvenience to citizens.
Awhad said that the government’s decision to demonetise currency notes of higher denomination is politically motivated. He said, “The common man is undergoing huge hardships ever since the government had taken the decision to scrap 500 and 1000 rupee notes. People have to stand in queues outside banks to either exchange or deposit their hard earned money. This is a politically motivated decision taken by the government ahead of the assembly elections to be held in several states next year and has nothing to do with improving the country’s economy. Prime Minister Narendra Modi has failed to deliver the promises made by him before general election pertaining to bringing back black money stashed abroad. People had voted for the government with huge expectations but they are feeling disappointed now.”
“Citizens are finding it difficult to withdraw their hard earned money and struggling to make both ends meet. Labours working in the unorganised sector, skilled and unskilled workers and shop keepers are facing severe difficulty due to this decision. Many labours are finding it difficult to send money to their native places. As a result of this, the government has created financial anarchy and the country may head towards recession and there might be job losses too,” he added.
The government must disclose the cost incurred by it to print old notes of 500 and 1000 and how it is planning to destroy these notes which have been declared invalid said the NCP leader.
“Citizens are able to withdraw only Rs 2,500 per day through ATMs. Is this amount sufficient for them to manage their expenditures? There is a huge demand for lower denomination currencies but they are in short supply. How much amount is disbursed by RBI to banks for overcoming the problem of currency shortage. What is the cost incurred to print each note?,” asked Awhad
He also wanted the government to disclose what is the printing cost of newly introduced notes of Rs. 500 and Rs. 2000. “How many days will the people have to bear with inconvenience and does the government have any action plan to resolve the woes of the common man,” said Awhad.