Tamil Nadu Congress Committee’s Vice President and Ex-MLA, M.N. Kandasamy has sought the withdrawal of demonetisation of RS.1,000 and Rs.500 rupee notes announced by the central government.
Speaking to SimpliCity, he stated that this announcement has adversely impacted the people of our nation. Indian economy is dependent on villages. When compared to people from other nations, only Indians have the habit of saving money. The world economy and the American economy failed due to lack of this saving habit.
The demonetisation announcement made by Modi government has impacted the agricultural labourers, big time! Less than 50% of Indians possess debit/credit cards. Compared to other states, banking facilities are very limited in Bihar, West Bengal, and North East States.
Government employees and employees of corporate companies are the ones who mostly possess debit card or a credit cards. People in rural areas cannot live without cash transactions. Even countries like England and America do not have complete cashless transactions.
He also slammed that '‘What happened to the announcement of bringing the black money stashed in foreign banks and depositing the money in each citizen’s account?’ Modi has to realise that without abolishing corruption at all levels black money cannot be abolished. This demonetisation policy will certainly lead to sprouting of new black money through the new Rs.500 and Rs.2,000 currency notes'.
'The announcement of demonetisation by PM Modi is a reckless move. Instead, Modi should have attempted to bring out the black money from the ministers in his cabinet, Members of parliament, Former members of parliament, Former state and central ministers, present state ministers, MLAs and Former MLAs. Without doing this, affecting the day-t0-day living of farmers, small, medium scale business entities and the common man is 'unacceptable', said MN Kandasamy.