Tamil Nadu

Demonetisation turned life upside down, says Kanimozhi

A file picture of DMK Rajya Sabha MP M.K. Kanimozhi.

A file picture of DMK Rajya Sabha MP M.K. Kanimozhi.   | Photo Credit: B. Jothi Ramalingam

“When people standing in queues complained, the ruling BJP cited the example of jawans guarding the border.”

Demonetisation was a cyclone that turned life upside down and one year on, people are yet to recover from its impact, DMK Women’s Wing secretary M.K. Kanimozhi said in Coimbatore on Wednesday.

Leading a protest the party had organised on the first anniversary of the note ban exercise, she said the benefits the Central Government claimed that demonetisation would bring had not happened — “99 per cent of the banned currency was back with the banks, digital transactions had not picked up, GDP was down, and there was no let up in terrorist activities.”

“Demonetisation only troubled small and medium enterprises, traders, and daily wagers who are yet to recover from its impact. Vegetable vendors and roadside traders whose business cycle began and ended by the day had borrowed money to overcome the note ban. And they are still paying for it. Many labourers who were thrown out of work were yet to find employment as the economy had not grown as expected,” she said.

When people standing in queues complained that they were unable to get Rs. 2,000 rupee notes, the ruling BJP cited the example of jawans guarding the border, stated the Rajya Sabha MP. “But the people’s impatience grew when they saw influential people with piles of new currency.”

Ms. Kanimoshi said the Government had failed to learn from the demonetisation exercise carried by Morarji Desai and failed to carry out corrections after the recent one went wrong.

Former State Minister Pongalur N. Palanisamy said demonetisation and GST had blinded people, who would teach a befitting lesson to the BJP government. Former Union Minister Mu. Kannappan charged the BJP government with ruining the economy. “It had not unearthed black money as claimed,” he said.

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Printable version | Mar 27, 2020 4:26:54 AM | https://www.thehindu.com/news/national/tamil-nadu/demonetisation-turned-life-upside-down-says-kanimozhi/article20003200.ece

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