Finance Minister T.M. Thomas Isaac has said that as days pass by, it is becoming more and more relevant that the demonetisation of high value currency notes is nothing but a foolish measure that has cost the common man a lot.
Addressing a seminar on demonetisation here on Thursday organised in connection with the 11th State conference of the CITU-affiliated Matsya Thozhilali Union, Dr. Isaac said the demonetisation was announced under the label of wiping out black money.
But the fact was that only less than 6% of the black money was kept in hand as cash. The rest was invested in various forms. He said that in spite of swiping machines and digit cash concepts, over 90% of the population had been using cash when the demonetisation was announced.
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The move badly hit the common man because currency formed the lifeline of any economy. He said the fisheries sector was one of the worst-hit by the demonetisation. Without money people were unable to buy or sell fish.
Dr. Isaac said that over 90 per cent of the workers in the country were in the unorganised sector. They are daily wage earners who needed their salaries in cash under the prevailing situation. Though Prime Minister Narendra Modi had said that the situation would be back to normal after 50 days from November 8, things were still in a mess even now. The seminar was presided over by general secretary of the union V.V. Saseendran. District secretary H. Basilal spoke.