Demonetization Woes Unchanged After 25 days: JAC

Joint Action Committee President J B Raju today lamented that the sudden demonetization of the 500 and 1000 rupee currency notes by the Narendra Modi-government on November 8, disrupted the lives of the middle and lower classes all over the nation.

Speaking to the media on Sunday, the JAC President said Raju said that the situation remained unchanged even 25 days after the note ban, only due to the insensitivity of the Centre and the Reserve Bank of India (RBI). Though the government was assuring that the situation would return to normalcy in 50 days, economic experts strongly think that it would take at least nine months for revival of cash withdrawal because the RBI could only print Rs. 250 crores currency notes per month.

Stating that only two percent people in the nation were holding unaccountable money, the JAC President said that the Prime Minister had chosen to put 98% of the country's population to unprecedented hardships instead of directly raiding black money hoarders.

Alleging that the country's millionaires and billionaires were stockpiling their unaccountable money in offshore accounts, Raju said that instead of bringing Indian money stashed away abroad, Modi was instead putting the general public through misery. He said that the other reasons why people's woes would not end were because only 6% of ATMs in the nation were working.

The JAC President demanded that the Centre take effective measures to flush out black money hidden in the form of gold, real estate and Benami transactions.

Raju urged to the Union government to make Rs. 24,000 per week available to the people as promised by it, and liberalize the norms and raise the limit for withdrawal of cash for marriage functions.