Demonitisation: Uttam asks govt to minimize inconvenience

Hyderabad, Nov 11 (INN): Telangana Pradesh Congress Committee president N. Uttam Kumar Reddy has accused Prime Minister Narendra Modi of pushing the entire nation into chaos by imposing the decision of demonitising Rs. 1,000 and Rs. 500 currency notes in a hasty manner

"Poor and middle class have literally been pushed to starvation. While daily wage workers were not hired by anyone during the last two days, the middle class population is not left with smaller denomination currency to meet their daily expenses. The Prime Minister has created this crisis in everyone's life just to display the power of his dictatorship," alleged Uttam Kumar Reddy while addressing a massive public meeting in Nereducherla in Palakidu mandal of Suryapet district on Friday.

The TPCC chief said that the Centre's decision has infringed citizens' right to life and trade, among others. He said while the Congress party supports crack down on black money, the Prime Minister's hasty move has only hit the poor, middle class, farmers, daily wage earners, small traders, students, self employed and the housewives. He said long queues at banks and post offices for the last two days clearly show that all sections were badly hit with the decision. He said that the government should ensure quick replacement of old notes by new ones. He said that the limitation for exchange of old notes with new ones and withdrawal limits from ATMs should be relaxed.

Uttam Kumar Reddy said that demonitised Rs 500 and Rs 1000 currency notes accounted for 86.4 per cent of all the notes in circulation. Therefore, the Centre should have made quick arrangements to replace them with new notes without causing any inconveniences to citizens. However, Prime Minister Modi has paused the entire economy to implement a not well-conceived decision.

Stating that the regular cash flow into the market might not be possible in near future, Uttam Kumar Reddy demanded that the Centre and State Government make some alternate arrangements to help the poor, especially the daily wage earners, who are victims of Narendra Modi's economic misadventure. "The conditions, especially in rural areas, are extremely bad and lakhs of people have fallen victim to this 'economic calamity'. Besides ensuring immediate help, the Central and State Government should also compensate for the losses which common people have suffered due to this sudden decision," he said.

Uttam Kumar Reddy also questioned the logic behind introduction of Rs. 2,000 denomination notes. He asked as to how Rs. 2,000 notes would help in preventing the generation of black money? He feared that the currency might be used to hide black money in future. "It is surprising that instead of exchanging the demonitised Rs. 1,000 and Rs. 500 notes with lower denominations like new Rs. 500 or Rs. 100 notes, the banks and post-offices are giving Rs. 2,000 notes to the people. There is already a huge shortage of smaller denomination notes of Rs. 100, Rs. 50, Rs. 20 and Rs. 10. Even if a housewife or farmer exchanges the old notes with Rs. 2,000 notes, what will he/she do with that note? There is huge shortage of change in the market. Therefore, the government should first exchange the old notes with smaller denomination notes," he demanded.

The Congress leader said that the Prime Minister had promised to put Rs. 15 lakh in each account by bringing back the black money stashed in foreign country. However, he said with his hasty move of demonitisation, Narendra Modi has put all Indians into trouble wherein they could not access their own hard-earned money, although for a brief period.