There was mixed response in the district to the decision of the BJP-led NDA government to demonetise Rs. 500 and Rs. 1,000 notes.
While economists and chartered accountants termed the move as a revolutionary one in curbing the menace of black money, a social activist dubbed it as a “publicity stunt”.
Prof. B. Seshadri, a development economist, was of the viewthat the decision will usher in financial reforms. “It is aimed at cleansing the financial system and arresting black money. The decision has come as a shock to those who have hoarded black money,” he said, adding that the move would prevent unaccounted transactions from now on.
S. Pannaraj, member of the Institute of Chartered Accountants of India’s Southern India Regional Council, termed the decision a bold step in eradicating black money. However, he felt that merely demonetising the notes will not help achieve the desired goal, until and unless the Union government initiates steps to keep a check on accumulation of black money in the form of gold jewellery and real estate.
Meanwhile, T.G. Vittal, a social activist, said it was not only a publicity stunt but also a retrograde step causing physical and fiscal harassment to the common man. He said the demonetisation move indicates the inefficiency in the government’s administration.
Meanwhile, people, with ATMs and banks remaining closed, had to fend for themselves in tendering bills at shops and restaurants. All shops and restaurants rejected Rs. 500 and Rs. 1,000 notes. At petrol bunks, vehicle users, particularly two-wheeler riders, were asked to fill up for no less than Rs. 500.
