[New Delhi]Swaraj India Supports Policy Of “Modi’s Currency Notes
Swaraj India supports the decision by the Government to demonetize the existing high denomination notes of Rs. 500 and Rs 1000
**This is a Big & Bold step, a much needed one, to counter fake currency notes.
**Black money impact claimed by the govt seems overstated.
**Lots of problems for rural poor who live in cash economy.
Swaraj India supports the decision by the Government to demonetize the existing high denomination notes of Rs. 500 and Rs 1000 and to replace these by a new series of notes. This is mainly a move to check the growing menace of counterfeit currency notes and deserves to be supported as such.
The PM has tried to make virtue of this necessity. His party has made grand claims about this decision being a ‘historic’ game changer in the fight against black money and terror. There is not much to justify this propaganda. The currency changeover may help to cut down a part of the ‘black money’ that is stacked in cash, provided all the loopholes are duly covered. We have to wait for the next 50 days to see how the government prevents “black” money hoarders from converting it into “white”. There is a serious concern that this change-over may hide another undeclared “voluntary disclosure” scheme to facilitate this conversion. Needless to say, this decision would not affect much of the black money that has entered the stock market or real estate or has been parked outside the country via dubious financial instruments.
Any currency changeover means a lot of confusion, panic and hardship. This concern is acute in our economy where majority of transactions and a good deal of savings are in cash. The real test of the government is how it is going to protect rural population from enormous harassment and distress in this post-harvest marriage season. A failure to protect the hard earned money of the poor could endanger this entire transition. At the same time, a rejection of the currency changeover merely on this suspicion is not in the wider public interest. We appeal to opposition parties to exercise restrain and help the government make this difficult transition.
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