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Demonetization move is strongly anti-poor: Meenakshi Lekhi

New Delhi, Fri, 24 Jan 2014 NI Wire

BJP National spokesperson Meenakshi Lekhi has said that demonetization of certain currency notes prior to 2005 is being targeted. But the present govt. is not in a position to measure the correct quantum of black money because those who have the black money will convert it into new currency notes.

She said that the AAM Aurat and the Aadmis – those who are illiterate and have no access to the banking facilities will be the ones, hit by such diversionary measures. People with small savings, no bank accounts and their small life savings, will be targeted.

She further added that the present scheme does nothing to remove black money from circulation. All the black money holders will legally convert their tender with no difficulty because they have the resources to hire people to sort their cash. This measure is strongly anti-poor. In India 65% population do not have bank accounts, and store their money in cash. These people are largely illiterate, poor, older and live in remote areas.

They will fall victim to middlemen who will scare them that the notes are worthless, and charge them hefty fees to convert them. They will also be ripped off by shopkeepers after 1 April, saying the old notes can only be accepted at a discount.

The only time the RBI had gone in for demonetization in 1978 when notes of Rs 1,000 Rs 5,000 and Rs 10,000 were withdrawn. Thereafter in 1980 a complete new set of notes was brought followed by October 1987 when a new note a 500 was introduced.

The RBI must publish a note on how many currency pieces will be affected, how many of these are in rural India, and estimate the impact of this measure on the poor. This is an unjustified attack on poor people. RBI must conduct a full and impartial inquiry into the impact this measure will have.

This policy of Mr. P. Chidambaram is only meant for blue blood and not for the sweating red bloodied toiling millions. It is not going to affect those, who have numbered accounts in Swiss accounts, but affect those who do not have any bank account even in India.

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