TMC intellectuals doubt demonetisation could impact black money

Many compared the situation arising out of demonetisation to be similar to the Emergency era of 1975

A section of intellectuals doubted the impact of demonetisation on black money and likened the situation on Thursday to the Emergency-era as it has caused immense hardship to the country's common people.

"Common people are suffering immensely due to demonetisation of high-value notes, but I doubt whether this will have any impact on black money or on those having it, which were said to be the target of the Prime Minister," economist Abhirup Sarkar said on the eve of the completion of 50 days of the Narendra Modi government's surprise move.

"Leave alone 50 days to overcome the hardship following demonetisation, I am afraid that it may take many more 50 days before the situation eases," Sarkar said at a press meet addressed by Trinamool Congress-leaning intellectuals.

Indologist Nrishingha Prasad Bhaduri, who won this year's Sahitya Academi award, claimed the situation evolving out of demonetisation was worse than the Emergency era of 1975.

"Even during the Emergency, there was some good outcome, but now this is something which has meant only bad things for the common people," Bhaduri said.

"Lack of currency has forced aged people like us to stand in queues at banks or ATMs for hours and even then there is no surety of withdrawing cash," he said.

"We cannot even do things that we urgently need as we do not have available cash despite having deposits in our own bank accounts," he stated.

Sahitya Akademi-winner poet Subodh Sarkar was also critical of demonetisation of Rs 1,000 and old Rs 500 notes, saying "poor people have been put through untold hardship and there is little hope of mitigation in the near future.