Ponnaiyan said that when such a huge amount of Rs 17 lakh crore was being removed, the government should have sent equal or sizeable amount to the banks.

AIADMK says it welcomes demonetisation move but implementation is faultyImage for representation
news Demonetisation Friday, November 18, 2016 - 10:24

About two weeks after demonetisation was announced, AIADMK said it welcomed the move by the Centre but that there should be measures to tackle practical difficulties that would emerge during its implementation. 

It had not been well thought out by the Centre, the AIADMK said as reported by The New Indian Express.

AIADMK spokesperson and former Finance Minister C Ponnaiyan told The New Indian Express that they welcome the demonetisation of Rs 500 and Rs 1000 notes. He added that AIADMK in their manifesto had stated their stand against black money. However, he said that the implementation of demonetisation had badly affected the common man, mainly the farmers.

Talking of recession, he said that while all the other countries were struggling, India was saved from its aftermath because of the savings habit of the rural people. But this time, demonetisation has severely affected them as well.

Ponnaiyan said that when such a huge amount of Rs 17 lakh crore was being removed, the government should have sent equal or sizeable amount to the banks. As that was not done, people are suffering.

Moreover, Rs 2.5 lakhs ceiling on deposits should have been increased to Rs 5 lakhs and the limit for exchange of demonetised noted should be increased to Rs 4000, he said.

Ponnaiyan added that 86 per cent of the rural population had no banking connectivity and because of this, complete online transactions would not be possible, reported TNIE.

 

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