‘PM’s demonetisation move to hit middle class, small traders’

Kolkata: Hitting out at Prime Minister Narendra Modi’s “absurd” announcement of scrapping Rs 1,000 and Rs 500 notes with effect from midnight, Congress and CPI(M) today said the decision would have a drastic impact on the financial health of middle class and small traders.

“We are always in support of unearthing black money. But after 2.5 years of silence on the issue, the Centre all of a sudden decided to scarp the Rs 500 and Rs 1,000 notes. This is nothing but absurd. This decision will have a drastic impact on small traders and the middle class,” CPI(M) politburo member Mohammed Salim told PTI.

Former PCC president and Congress MP Pradip Bhattacharya too termed the decision as “arbitrary and anti-poor”.

“Tomorrow when people of India will wake up, they will be unable to use the Rs 500 and Rs 1,000 notes. What will they do then? This is nothing but an arbitrary decision which will impact small traders, middle class and poor people of the country. Many people of our country still do not have access to banks. What will they do?,” he asked.

Taking the nation by surprise, the Prime Minister tonight announced demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight, making the notes invalid in a major assault on black money, fake currency and corruption.

PTI