The decision of the central government to demonetize the currency notes of 500 and 1000 from the midnight of 8th November has turned out to create havoc among common people across the country. People are forced to stand in long queues outside banks and ATMs. The recent statements of finance minister and Prime Minister Modi make it clear that there is no end in sight for these problems. Most hit have been the people from working class and the poor sections. It is clear that this authoritarian decision has been made without any due preparation. Mass anger is building among the people against this disastrous step.
It is being argued that this move will help check ‘black money. This argument in itself is completely erroneous, since the ‘black cash’ is only a small part of the overall black economy. If the government is indeed serious about black money then it should make public the names of all the big corporates whose loan defaults in the public banks today runs in lakhs of crores. Most of the black money in the country is in gold and in real estate. Many economists of varying ideological positions have pointed how this move will not be able to check black money. Further, they have also pointed to the fact that the difficulties created by it are much more than its benefits.
Students, living away from their families have been hit hard by this move. It is shameful in such a scenario that ABVP has come out it support of this ruinous decision.
SFI units in many states including Kerala and West Bengal are already with the people by setting up help desks near the banks and the ATMs. CEC calls upon all its units to make necessary measures to help the people who are in distress.
VP Sanu (President)
Vikram Singh (General Secretary)