Kerala criticises Centre's decision on currency notes

The CPI(M)-led LDF government in Kerala today criticised the demonetisation of Rs 1,000 and Rs 500 currency notes by the Centre with effect from midnight, saying the move would not wipe out black money from the country.
Reacting to the decision, state Finance Minister TM Thomas Issac said demonetisation of Rs 1,000 and Rs 500 currency notes was not a solution to the black money issue.
"It is an absurdity to think that unaccounted money in the country is only kept in Rs 1,000 and Rs 500 denominations. The majority of the black money is stored in foreign countries and it is routed to the Indian banking system through hawala.

"Besides, black money is also kept in the form of valuable objects like gold and also in 'benami' land transactions," he said.
(REOPENS MDS 21)
Meanwhile, long queues were seen in front of ATMs across Kerala tonight to deposit Rs 1,000 and Rs 500 currency notes in Cash Deposit Machines as a bank holiday was declared tomorrow.
Petrol pumps also witnessed a heavy rush.
Media reports claimed that some petrol pumps refused to accept Rs 1,000 and Rs 500 currency notes, although it has been announced that fuel outlets will accept the currencies of these denominations for the next 72 hours.