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A supremely foolish move: Karnataka Assocham

It is very disappointing on the part of PM to take such a decision: Assocham Co-chairman.

Bengaluru: “This is a supremely foolish move. We may not have an economy at this rate,” said S. Babu, Cochairman of Assocham, Karnataka, criticizing PM Narendra Modi’s sudden decision to demonetize Rs 500 and Rs 1,000 currency notes from midnight Tuesday night.

He said, “Obviously, Mr Modi wants to turn our country into one that transacts only with plastic money. But such steps take time and must be thought over properly. What about hacking and cyber fraud? Can we wholly depend on plastic money in such trying times when cyber criminals are multiplying by the dozen?” He said, “It is very disappointing on the part of the Prime Minister to make such a move. It does not bode well for the economy.”

The move would make life miserable for small traders and businessmen, other experts felt. Mohan of Pavan Medicals said, “I have quite a few Rs 500 and Rs 1,0000 notes, which are my day’s collection. I will have to exchange them all at the bank, but I don’t have time to visit my branch.”

Chaos reigns supreme

  • All ATMs and cash deposit kiosks in the city witnessed chaos till midnight as thousands rushed to either withdraw cash or deposit Rs 500 and Rs 1,000 notes
  • Parents who have scheduled marriages of their children were in confusion with choultry owners and others making it clear that they will not accept Rs 500 and Rs 1,000 notes
  • Banning Rs 500 and Rs 1,000 notes will not have any impact on corrupt officials as many of them have already converted cash into jewellery and plots of agricultural, residential and commercial plots
( Source : Deccan Chronicle. )
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