Kohima, November 21 (MExN): NPCC president, K Therie today accused that Modi’s demonetization has caused not only national economic disaster but multiple human tragedies. Pointing out that change of notes has happened in the past, he stated, there is no reason to impose an urgent deadline. “The transition can be done steadily and smoothly with sufficient and good quality notes,” he stated in a press release.
Therie asserted the situation will worsen as has been analyzed by economic experts. “Many have died in the queue for want of money and for want of medicine. Hunger will be followed by epidemics. Agricultural produce will fall without seeds, fertilizer and labor. Markets have already fallen. Traders will lose fortunes,” he projected.
The Congress leader further hit out that introduction of high value Rs. 2000 notes without ensuring adequate flow of smaller denomination notes has caused untold misery on the labour force and on small traders in the country.
“In my view, hard earned money by sweat, deposited in the Bank or at home belongs to oneself. Hard earned profits kept either in the bank or at home belong to oneself. There is no black money with farmers and commoners,” he opined.
“Black money in real terms may be counterfeit money, unknown sources of income kept in the form of diamond, gold, silver, property and tax evaded hard cash. These moneys are with big headed people.”
He noted that Income Tax Act, if not sufficient, should be amended to suit the developing trends. Maintaining that the simple criteria of taking up any project needs impact assessment clearance, Therie claimed that in the demonetization case, there was no assessment. “Failure to bring black money from Swiss Banks may have pushed the idea. The nation’s population of 125 crore people was forgotten in the demonetization. The rich have no problem, they can use plastic money, cheques, paytm and other electronic money as also is advised by the FM. The rural commoners comprising of more than 80% of the rural population do not have plastic or cheque facilities,” he added.
He noted it is not practical for a villager living in a remote area to follow the guidelines given in the present format. It is not only inconvenient but is impossible in the present rush, he stated.
The only option for the Government, the NPCC president added, would be to monetize Rs. 500 and Rs. 1000 notes till such time sufficient new notes are printed and inducted into banks and are allowed to flow down to the common people and rural villages who have no access to banks and accounts.
