Posted On November 10, 2016 By In City And 292 Views

CPI raises doubts over Centre’s decision

Hyderabad: CPI national secretary K Narayana on Wednesday raised doubts over the Centre’s decision of demonetising currencies of Rs 500 and Rs 1,000 denominations. Speaking to media pesons, the CPI leader said though the decision to ban big denomination was good, it would not bring out black money stashed by industrialists and politicians. Narayana said based on the fact that Andhra Pradesh Chief Minister N Chandrababu Naidu had written to the Centre to ban high denomination notes, it was evident that the decision was known to them and these leaders had made alternative arrangements long back. He expressed fears that the government was trying to encourage credit card transactions saying that it would harm the retailers and petty businessmen. Narayana demanded that the Centre revoke the ban on old notes for sometime saying the common people were facing hardships since it was wedding season in many parts of the country. The CPI leader also said the Centre should crack whip against the corrupt practices of politicians and industrialists if it was serious in dealing with the black money issue. Unless financial irregularities of politicians and industrialists were not checked, the government would not be able to curb black money.

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