Demonetisation's faulty implementation has shaken faith in banking: Maken

The Narendra Modi government's faulty implementation of demonetisation has "shaken" the people's faith in currency and banking system, Congress leader Akay Maken said on Wednesday

"People's confidence in our currency and banking system has been shaken, and this has also affected the credibility of the country internationally," said the party's Delhi unit chief while addressing a Jan Sadan meeting in Bawana area in outer Delhi, part of the two-day protest organised by it in all the 280 blocks of the city.

Highlighting the plight of the daily labourers, Maken said labourers, who used to assemble near chowks looking for work like whitewashing, painting and other such work, have gone back home as they cannot find jobs in Delhi due to demonetisation.

He said as many as 94 per cent people work in the unorganised sector, get paid in cash, and it is impossible for them to do their financial transactions through cheques and credit cards.

Highlighting the consequence of the demonetisation, Maken said: "It is for the first time in the history that people have to queue up outside banks for two to three days to draw their own money, and even then they are not sure they would be able to draw Rs 500."

The Congress leader said that due to the faulty implementation of the demonetisation drive, people have been put to tremendous problems, and over 100 people have lost their lives as a consequence.

He also wondered why the people were not allowed to withdraw their own money, "when lakhs of crores of rupees have been deposited in banks".

Accused the Narendra Modi-led government for creating such a situation in the country, Maken apprehended that the condition would only get worse in the coming days.

--IANS

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