Demonetisation: Hindu Mahasabha attacks scheme, says it will end PM Modi's rule

The political parties and activists who are opposing the Narendra Modi government's demonetisation scheme has got an unlikely ally in the Akhil Bharatiya Hindu Mahasabha, a right wing fringe organisation.

According to a report in The Times of India, the Mahasabha has called the prime minister anti-Hindu as he announced the policy just before the Hindu Wedding season. It has also predicted that this could be the beginning of the end of Modi's regime.

 Demonetisation: Hindu Mahasabha attacks scheme, says it will end PM Modis rule

Prime minister Narendra Modi at a rally

"...It was announced just before the Hindu wedding season. Thousands of families were forced to borrow money from their friends and relatives, some others had to postpone, curtail or even cancel the ceremonies," Mahasabha's national general secretary Pooja Shakun Pandey has been quoted as saying in the report.

Speaking in Aligarh, Pandey also said that the objective of the scheme is still not made public and that it is the poor people who are suffering and not the rich.

"Demonetisation would eventually lead to de-Modi-tisation of the country," she has been quoted as saying in the report.

The move to cancel the legal tender of Rs 500 and Rs 1,000 currency on 8 November has put many in difficulty as it resulted in a severe cash crunch which has not abated even after 27 days. The RBI has not been able to print adequate smaller denomination currencies such as Rs 500 and Rs 100, while Rs 2,000 notes are available. Due to the scarcity, people are not in a position to accept Rs 2,000 notes.

The situation just worsened after 1 December, as lakhs of government and private sector employees and informal workers got salary on that day. Many were not been able to draw salary from the bank due to the unavailability of currency notes.

The cash crunch has also impacted the normal working of many small businesses. Jewellery sales have declined about 80 percent despite being the marriage season. There are fears of job losses, not only in jewellery sector but across all sectors.

Experts have cautioned that the country's GDP will take a hit in the coming at least two quarters due to the cash crunch.

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Updated Date: Dec 05, 2016 13:11:41 IST