Only common people suffering due to demonetisation: Sanjay Nirupam

"Banks do not have adequate cash reserves. Government should have printed smaller denomination notes before scrapping Rs 500 and Rs 1000 banknotes," said Sanjay Nirupam.

By: PTI | Mumbai | Published:November 23, 2016 9:20 pm
Sanjay Nirupam Sanjay Nirupam

Contrary to the claims made by Prime Minister Narendra Modi, demonetisation of higher value notes has affected only the poor people and not the holders of black money, city Congress chief Sanjay Nirupam said on Wednesday. “Poor and common people have to queue up outside banks for long hours to withdraw or deposit their own hard-earned money. Modi says he took the decision targeting the holders of black money and counterfeit currency, but it is the common man who is at the receiving end,” Nirupam said.

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He addressed a meeting outside a bank in suburban Kurla under the Congress’ “money ki baat” drive against the “faulty” implementation of demonetisation of high value notes.

“Banks do not have adequate cash reserves. Government should have printed smaller denomination notes before scrapping Rs 500 and Rs 1000 banknotes. If higher denomination notes indeed encourage black money then what is the logic behind printing Rs 2000 currency notes?” he said.

Nirupam said Modi should spell out if Rs 2,000 notes can really check generation of black money.

“Does Modi think that all those who are queueing up outside banks are corrupt people? The Prime Minister is responsible for the deaths caused due to shortage of money or non-acceptance of the old currency notes or wanting for medical attention,” he said.

Referring to retrenchment of 14,000 employees by engineering major L&T, Nirupam said, “the demonetisation decision has affected small trade. Rs 5.45 lakh crore have been deposited in banks after November 8, but at the same time banks have written off loans worth Rs 70,000 crore of 63 wilful defaulters.”

He also took a swipe at BJP for appealing to people to shift to plastic money. “BJP leaders are asking people to use debit cards. However, only 8 crore people have debit cards in country..what about others?” Nirupam said. Congress leaders Kripashankar Singh and Mohamed Arif Naseem Khan were also present on the occasion.