Centre unprepared for demonetisation move: JD(U)

The Janata Dal (United) on Sunday said the Centre was not fully prepared for the demonetisation process and this was now causing inconvenience to the common people, especially the poor.

"It can be said that the preparation was incomplete. ATMs are not equipped to hold new currency notes, banks are running scarce," JD (U) spokesperson Rajiv Ranjan told ANI.

He added that Bihar Chief Minister Nitish Kumar and Rashtriya Janata Dal Lalu Prasad Yadav have always supported the government's decision but the situation in the rural areas is not good as demonetisation has badly hit their livelihood.

He warned that if the present situation persists for another couple of days, it will affect the Indian economy.

In a surprise late-evening televised address to the nation on Tuesday, Prime Minister Modi announced that the government had decided to demonetise Rs 500 and Rs 1,000 notes to tackle the menace of black money.

He said that the Rs.500 and Rs.1000 currency notes currently in circulation can be deposited or exchanged at banks till December 30th, adding that some concessions will be allowed for the use of these notes at hospitals and crematoriums, and to buy air, rail and bus tickets till November 11.

Following the announcement, long queues are seen at banks and ATMs across all cities as people are trying to exchange the old currency with the newer one.