Demonetisation: Spending capacity of people hit, says Javed Akhtar

On the Opposition stalling business in Parliament, he replied that when he was MP too there were frequent adjournments.

Written by Arshad Ali | Kolkata | Published:November 26, 2016 4:09 am
javed akhtar, akhtar, demonetisation, javed akhtar demonetisation, spending capacity, india news, latest news, indian express Lyricist and Rajya Sabha MP Javed Akhtar. (File Photo)

Noted lyricist and former Rajya Sabha MP Javed Akhtar said the spending capacity of people had been hit due to demonetisation. When asked if the government’s move had hit the Hindi film industry, he said, “”We, in the Hindi film industry have no problem because all the transactions are carried out in cheques,” he said.

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On the Opposition stalling business in Parliament, he replied that when he was MP too there were frequent adjournments. “What you see is the floor. What you don’t get to see are the standing committees and advisory committees where people don’t talk on party lines and work in a very closely towards formulating laws of the land,” he said.

Akhtar also expressed his displeasure towards the present day music.

“Now is a particular phase when Western music influence is a bit too prominent, but this too will pass. The present day’s music is predominantly meant for the clubs. In today’s music,

I don’t like the noise. Orchestra has become more important than the composition and words. I don’t think the present day musicians too are very happy with this but they are catering to the demand of the market,” he said.

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  1. R
    RM
    Dec 1, 2016 at 7:02 am
    The move of demonetisation has hit the spending power of people,has upset their routines as additional time is reqd.to be spent in banks,has led to business of most of things going down by almost 50%,has led to unemployement in unorganised sector,has taken liquidity out of hand of people ,is compelling people to borrow money even though they have money in their banks,is leading to barter system and chits and tokens being returned instead of balance being paid in cash ,students who have gone to other States for education are suffering for want of money and even tourist from abroad is affected as those who changed their currency just before 8th Nov ,have got currency which has no value.There are many other things for which people are suffering ,but the govt is not willing to ease the problems of people .Some payment portals having support of Companies from outside India have got additional members ,but are stating that they will get profits only after few months.The people who were not used to Dr /Cr cards will be forced to use and pay charges for same .The extra money recd. in banks will make banks to reduce interest rates on deposits and money will be given as loans freely to utilise the same to existing borrowers in business as new borrowers for business may be few ,as most of them will not like to start a new venture in uncertain market thus increasing NPA over a period of time relating to existing borrowers fluential people have used various methods to use their old currency and will not be affected much and black money will also change hands as it may go from hands of one group of people to other group of people. .Only some select businesses are not affected ,otherwise maximum percent of businesses are affected in last 3 weeks only and how long it will go on is very uncertain.
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