AIDWA strongly condemns the recent hasty and ill-planned move by the Modi Government to demonetize currency notes of the value of Rs. 500 and Rs. 1000 as a means to unearth black money. Rather than placing any curbs on the real swindlers and cheats, this step has been causing infinite harassment and distress to millions of people all over the country. Lakhs of women who have nothing at all to do with black money but who have scrimped together meager savings have been affected. The worst hit are the poor, the unorganized sector workers, migrants, small traders, etc. a large section of whom are women and do not even have bank accounts. They cannot conduct electronic monetary transactions, as suggested by those who are supporting the Government’s decision. Those earning a pittance as daily wages, elderly pensioners, including widows, have been running from pillar to post over the past few days, unable to use their own hard earned money to buy daily provisions, medicines, for travel etc. Their daily lives have been completely paralyzed. Many deaths have occurred in the process. All kinds of illicit dealings have been unleashed that are exploiting the helplessness of the people and the chaotic conditions in the market.
The government does not have any intention of nabbing the real big owners of black money which is rarely maintained in the form of cash, but usually in offshore accounts, land and property, gold, etc. The Government has failed to fulfill its election promise of retrieving black money hoarded in foreign banks. On the other hand, defaulted bank loans (NPAs) by corporates and big business with the nationalized banks have touched around Rs.8.25 lakh crores. While those involved in such dealings have gone virtually scot-free, the Government has displayed an utterly callous attitude towards ordinary people, by suddenly announcing this decision without due preparations. As a result, getting money from one’s own bank account or ATM has become as difficult as changing outdated currency.
It is unlikely that this vastly expensive exercise which has caused great hardship will either curb corruption, or counterfeiting of currency notes or terrorist funding. It is more likely to have an adverse impact on the economy that is already facing an economic slowdown.
The Prime Minister’s tear-filled speech expressing danger to his life due to his so-called battle against black money will not cut any ice with the suffering public. The Modi Government must immediately release sufficient new currency to the banks and ATMs to ease the distress faced by poor people, particularly poor women. Till that time, the validity of old currencies must continue.
