Tuesday, February 25, 2020
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Congress to hold protest against “Note Bandi”

Jammu, November 08 (Scoop News)-Blaming the Modi Government for ruining the Indian economy due to failed demonetization resulting into unprecedented price hike, rising unemployment and increasing NPA’s making RBI helpless, Congress would hold protest dharma tomorrow near RBI at Rail head Complex Jammu, seeking answers from the government over the benefits to this ill-advised step.

In a Statement J&K Pradesh Congress Committee said that two years ago on this evening, when Prime Minister Shri Narinder Modi made the dramatic announcement of demonetization of all Rs. 500 and 1000 rupee notes, he declared to achieve three main objectives- proscribe terror, financing, eliminate black money and eradicate fake currency. The nation is aware of the various trouble common people of this country had to undergo to get their legitimate money from banks for a longer period than expected and over 100 people lost their lives standing in the quees, outside banks and for various hardships they faced.

JKPCC Chief Spokesperson Mr. Ravinder Sharma said that the cost of printing new currency was 7965 crores, while 15.31 lac crores out of 15.44 lac crores that was demonetized, came back to the banking system, this 99.3 % of the demonetized currency is back with RBI. Where is the black money, he questioned. The demonetization wiped out MSME sector, cottage industry, tiny sector and crores of dailywage earners lost their jobs. The Indian economy lost about 1.5% in terms of GDP which translates into 2.25 lac crores per year. While announcing demonetization, PM Modi ji had on several occasion announced that he could be hanged in any public place, if the three main objectives were not achieved in 50days. Now when more than two years have lapsed, it is time to seek answers from the Modi government, as to what was achieved out of it and who are the beneficiaries of this step. When 99.3% of the demonetized currency is back in the bank, where is the black money sought to be eliminated, why NPAs are on rise and the RBI helpless ? why the price of the Petrol & Diesel do not come down despite decrease in the price of international crude oil? Inflation is all time high and government is helpless. Indian Rupee is all time low in comparison to the U.S dollar. Lastly what is the answer to the untold miseries suffered by crores of countrymen and still suffering due to the loss of earnings and jobs as a consequence of this illogical move.

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