Employees of the Primary Agriculture Cooperative Credit Societies (PACCSs) demanded the government to allow PACCS to perform regular transactions by accepting invalidated currencies from its members, especially farmers, members of SHGs, JLGs and rural people.
Speaking at a demonstration held in front of the District Central Cooperative Bank (DCCB) here on Monday, District Secretary of the Tamilnadu State Primary Agriculture Cooperative Society All Employees Association Muruganandam said that all the 114 PACCS were unable to function since November 9, the day after Prime Minister Narendra Modi announced invalidation of high denomination currency.
The PACCS were unable to transact normal business such as lending crop loans to farmers, accepting and disbursing maturity amount for Fixed Deposits from the members as well as from the public, Recurring Deposits etc. The members of the societies were unable to withdraw money from their savings account and pledge gold for agriculture purposes, the secretary said.
The societies were unable to supply essentials to ration card holders, as they were not authorised to accept old Rs. 500 and Rs. 1000 notes.
Keeping these hindrances in mind, the DCCB should supply new currency to PACCS for distribution to its members in lieu of old currency notes.
The members of the association staged a sit-in strike inside the Kanniyakumari District Central Cooperative Bank (KDCCB) at Alexandria Press Road for over an hour.
Later, the office-bearers of the association submitted a memorandum to officials of the KDCCB.
