The Congress party appeared not to be in tune with Prime Minister Narendra Modi-led government’s move announcing the scrapping of Rs. 500 and Rs. 1,000 notes and alleged that the ruling dispensation at the Centre was putting cumbersome burden on the people.
Addressing the media here, Congress spokesperson Randeep Singh Surjewala wondered whether the country’s banking sector was ready to tackle such a situation.
“Modi ji has withdrawn the Rs. 1,000 note on one hand and he has introduced a Rs. 2,000 note on the other side. Does it not defeat his own argument? What is the point of cancelling large denomination notes and replacing them with even larger denominations? Those who hoard black money will now be able to stash even more money,” he said.
Surjewala stated that the Congress has always supported any step against black money and will continue to do so.
Surjewala further said, “What happens to those who are going to buy necessary articles for marriages including jewellery, clothes etc? Are you not putting cumbersome burden on them by putting a limit on how much money can be withdrawn?”
The Congress leader also expressed his concern over the problems which the farmers would face post this move.
“The farmer is buying fertiliser, seeds and going to market today and needs lot of money for the inputs he has to get. The paddy crop has already been cut, it’s in the market,” he said.
Prime Minister Narendra Modi, in his address to the nation, explained the move as the government’s attack on black money.
These notes can be exchanged for lower denomination notes at post offices and banks from November 10 till the end of March 2017.
The Prime Minister also added that all banks will remain closed for public work tomorrow.
“Terror strikes at the innocent. Who funds these terrorists? Across the border, our enemy uses fake currency and dodgy funds to sponsor terror - this has been proven repeatedly. The process of cash circulation is directly related to corruption in our country impacting the lower classes of our society. From midnight November 8 today, Rs. 500 and Rs. 1000 notes are no longer legal tender,” Modi said.
“You have 50 days (From November 10 to December 30) to deposit notes of Rs. 500 and Rs. 1000 in any bank or post office. Respite for people for the initial 72 hours. The government hospitals will accept old Rs. 500 and Rs. 1000 notes till November 11 midnight,” he added.
Modi said notes of Rs. 2000 and Rs. 500 will be circulated soon.