Economy

'Rollback Demonetisation', Say Eminent Citizens

More than 150 eminent citizens have issued a statement against demonetisation today, questioning the efficacy of the measure in eliminating black money.

The government’s decision to demonetise Rs 500 and Rs 1000 notes, announced by Prime Minister Narendra Modi last week, has led the nation into a situation of chaos. Endless queues have formed before banks and ATMs and the cash economy has been affected adversely.

Over 150 eminent citizens have issued a statement today, against demonetisation, questioning its efficacy in eliminating black money.

The statement – signed by Prabhat Patnaik, Nayantara Sahgal, Prashant Bhushan, Jayati Ghosh, Anand Patwardhan and several others – has highlighted the dire situation the common people have found themselves in as a consequence of this decision.

The statement said, “The summary way demonetisation has been effected is leading to a riot like situation in the country. We demand that the government ensure that common people have immediate access to enough money to pay for their daily needs and health emergencies.”

It went on to demand that demonetisation be rolled back and if that isn’t possible, it asked that the process be phased out and done in a more orderly way.

The full text of the statement has been reproduced below.

Citizens’ Statement on Demonetisation by The Wire on Scribd

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