CPI To Hold Massive Stir Against 500-1000-Note Ban

The CPI, while reiterating its commitment to fight against corruption, black money and counterfeit currency, said that the measures taken by the Narendra Modi government created more hardships for the common people, especially daily-wage labourers and the middle-class.

In a press note on Monday, the CPI stated that the introduction of the Rs. 2,000 bill was creating more difficulties for the people as there were not enough currency notes of lower denominations.

"The exchange should be in denominations of Rs. 100, Rs. 500 and Rs. 1,000 only. Otherwise, the release of the 2,000 bill will create an opportunity for doubling the quantum of black money. Therefore, it should be withdrawn from circulation," they said.

"If the government is really sincere about recovering black money, it should look at the list of Indians holding accounts in foreign banks and the list of those who have investments in foreign countries provided by WikiLeaks in the Panama Papers leak and take urgent steps against them," it added.

The CPI also stated that there were reports that a large number of people, including leaders of political parties, deposited several crores of rupees in banks during the last month as they were already aware of the move. Banks should release the list of all such depositors, they demanded.

They also demanded that the Centre immediately review the ban, and exhorted Party units to organize mass demonstrations at banks and income tax offices to stress the demands mentioned in the press note.