Calling it ‘draconian’ West Bengal Chief Minister Mamata Banerjee on Tuesday said that Modi government’s decision to abolish Rs 500 and Rs 1000 notes will be a huge blow to the Indian middle class. “Heartless and ill-conceived blow to the common people and the middle class in the fake name of anti-corruption. Withdraw this draconian decision,” Mamata Banerjee was quoted as saying by news agency ANI.
She also said that the decision while tackling the issue of black money and corruption it would cause serious financial problems for the common man. “While I am strongly against black money and corruption, I am deeply concerned about common people and small traders. How will they buy essentials tomorrow? This is a financial chaos and disaster let loose on the common people of India,” the chief minister said.
She also said that the decision taken by PM Modi was a diversion from the initial promise made on retrieving black money from overseas accounts. “The PM could not get back the promised black money from abroad from the rich so a drama like this to divert his failure,” she added.
In a move that has rattled the nation, Prime Minister Narendra Modi on Tuesday abolished Rs 500 and Rs 1,000 notes effective midnight. The move, aimed at tackling fake notes and the black money economy, is expected to have a huge impact on the economy, equivalent to a substantial withdrawal of money or a significant hike in the interest rates. He expressed confidence that the staff of banks and post offices will rise to the occasion to introduce the new order within the available time. The Indian government had done something similar in 1978 when it demonetised Rs 1,000, Rs 5,000 and Rs 10,000 notes.