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Visakhapatnam: Centre failed to consult States before withdrawing Rs 2000 notes
The Reserve Bank of India has suddenly announced that it is withdrawing Rs 2,000 notes from circulation, chairman of AP Congress Committee (OBC department) Mula Venkatarao said.
Visakhapatnam: The Reserve Bank of India has suddenly announced that it is withdrawing Rs 2,000 notes from circulation, chairman of AP Congress Committee (OBC department) Mula Venkatarao said.
Terming the move as an ill-conceived one, he said a large number of these notes are held by individuals or institutions that carry out cash-based transactions.
In the unorganised economy sector of the country people still rely on cash for wage payments. Medical, pharmacy and those who deal in real estate or property also conduct their business in cash.
Those who rely on cash for 50 percent for their day to day business will face many difficulties due to the withdrawal of higher denomination currency notes from circulation, Venkatarao felt.
He said the situation is similar in the construction sector as well. With the first demonetisation, he said, the economy was injured beyond recovery. Following which, the unorganised sector and the MSME sector have collapsed whereas millions of jobs have been lost, Venkatarao pointed out. In a democratic country like India, he mentioned, there is a need to consult all the states before taking such major decisions. Unfortunately, no such exercise has taken place in the past nine years, Venkatarao added.
