Indians continue protest against currency policy

Dhaka,  Sun,  04 December 2016
Published : 28 Nov 2016, 19:48:06

Indians continue protest against currency policy

Thousands of people are demonstrating across India to protest the government's sudden demonetisation move, withdrawing large-denomination currency from circulation.

The decision caused enormous hardship to millions of people in the country's predominantly cash-based economy.

But the response to Monday's "day of rage" called by opposition parties was patchy, with the protests only affecting daily life in opposition-ruled states, reports AP.

Nearly three weeks ago, Prime Minister Narendra Modi announced that 500- and 1,000-rupee notes would become worthless overnight and would be replaced by new currency in a bid to stamp out corruption.

The surprise decision pulled 86 per cent of the country's money supply out of circulation, leading to serpentine lines at banks, which often ran short of currency, showing that the government was ill-prepared for the move.

Opposition parties have criticised the policy, saying the government mismanaged the currency change and that Modi should address Parliament to explain his decision.

In New Delhi, opposition parties held separate protests, indicating that they could not overcome their political differences to hold a single rally.

In the communist party-ruled state of Kerala in southern India, buses and cars stopped plying the roads and businesses and shops closed.

The main opposition Congress party said it was holding protests marking a "day of rage" among the people, but would not support calls for a general strike because it would cause economic disruption.

Last week, former Prime Minister Manmohan Singh told Parliament the demonetisation move was a "monumental management failure" and "a case of organised loot and legalised plunder of the common people."

On Monday, Sitaram Yechury of the Communist Party of India (Marxist) said the decision had caused "unprecedented financial turmoil in the country and brought hardship and unimaginable misery on millions of poor people."

However, several regional leaders expressed their support for Modi, saying his decision would help cut corruption and end the practice of the rich to hold stockpiles of undeclared cash, known in India as "black money." –RH
ADDRESS
Editor : A.H.M Moazzem Hossain
Published by the Editor for International Publications Limited from Tropicana Tower (4th floor), 45, Topkhana Road, GPO Box : 2526 Dhaka- 1000 and printed by him from City Publishing House Ltd., 1 RK Mission Road, Dhaka-1000.
Telephone : PABX : 9553550 (Hunting), 9513814, 7172017 and 7172012 Fax : 880-2-9567049
Email : editor@thefinancialexpress-bd.com, fexpress68@gmail.com
Copyright © 2016. All rights reserved
Powered by : orangebdlogo
close