Take note of adverse effects of note ban: BMS tells Centre

While hailing the positive side of demonetisation, RSS-affiliated trade union, Bharatiya Mazdoor Sangh (BMS) has asked the Centre to take note of its immediate adverse side effects and turn it into an opportunity to help labour and less privileged segments.
During its 137th national executive committee meeting held in Pune recently, the BMS also cautioned the government against pressurising the people to go for digitisation.
"We take serious note of the immediate adverse side effects like defects in implementation, cash shortage, slowdown in market, job losses, retrenchments, migrant labourers returning to their home towns.
"MSMEs, manufacturing and construction sectors are facing setbacks and these may have immediate impact on the overall economic situation, which needs to be realistically assessed," the resolution adopted by BMS said.

It said that as a result of the note ban, the government has earned huge revenue, which may lead to surplus revenue situation.
"This gives a great and rare opportunity for the government to radically contribute to the labour and other groups in social sector that need developmental priorities.

"Social sector includes labour, below poverty line (BPL) people, socially and economically backward people, villagers, tribals, lower middle class, agriculture sector, micro and small industries etc. They are immediately adversely affected by the so called demonetisation drive," stated the resolution.
It said the Centre has a "moral duty" to provide "colossal funds" for the development of labour and other social groups by planning "meticulously" and considering their total job security, wage levels and welfare.

"Thrust has to be given to provide minimum wages, social security, employment, health and education, especially in the rural parts of India. India needs smart villages more than smart cities.
"The so-called demonetisation is only one of the series of measures required for the complete change in the developmental economics. The government should persuade the people and not pressurise them to go for digitalisation," reads the resolution.
The BMS has also asked the government to take urgent
steps against job losses, retrenchments, manufacturing slow down, market slow down, etc, "which is a result of the demonetisation drive".
"Centre should continue to take steps other than demonetisation to radically improve the pathetic situation of our rural and informal economy and push aggressively MGNREGA and various social security and poverty alleviation schemes to mitigate the ill effects of demonetisation," the resolution said.

It also demanded to raise the income tax exemption limit to Rs 5 lakh and said income tax system should be abolished in the near future.
BMS also congratulated the bank employees in the country for working overtime and lauded the efforts taken by the employees involved in printing and transporting the currency notes.