UDF, LDF present united front

Chandy said that there is no rationale in the demonetisation of Rs 500 and Rs 1,000 currency notes in the name of  unearthing black money.

Published: 23rd November 2016 02:43 AM  |   Last Updated: 23rd November 2016 02:43 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: The UDF came out in full support of the LDF Government to take on the Centre over the co-operative sector crisis, asserting in a special Assembly session convened on Tuesday that it’s time to look beyond mundane politics to address a people’s issue. The gravity of the crisis bonded the Opposition benches with the ruling front for adopting a resolution seeking an early solution to the crisis, while also deciding to go to New Delhi as a joint delegation and prevail upon the Centre.

Former Chief Minister Oommen Chandy set the tone of the Opposition, thanking the government for convening the session on the request of the Opposition, while the Kerala Congress (M) special bloc also lashed out at the Centre for choking the state’s co-operative banking sector.

Chandy said that the Union Government has held the country’s 133 crore people  ‘financial hostage’ and charged that there was a criminal negligence from the side of  Prime Minister Narendra Modi through the measure of  withdrawing 86.4 per cent of the currency in circulation without replacing it with equal or lesser denominations. He also held the whole demonetisation drive as unconstitutional. ‘’When Rs 1,000 and higher denominations were demonetised in 1978, an Ordinance was issued and the Parliament ratified it later.

A mere notification has been issued now. Also, nothing about Rs 2,000 denomination has been mentioned in the RBI Act or Rules. Under Article 300 (A) of the Constitution, there should not be any restriction to hold valid currencies and permissible extent of properties.’’

Chandy said that there is no rationale in the demonetisation of Rs 500 and Rs 1,000 currency notes in the name of  unearthing black money. ‘’It was only recently that 33 per cent more notes of the two denominations were printed. The country stands immobilised on the 14th day of  the demonetisation drive. The whole drive is to dupe the people,’’ he said.

‘’The Prime Minister asks the people to wait for 50 days. No black money hoarder was seen in bank queues but only commoners. In the meantime, Rs 7,000 crore loans of  bigwigs were written off. BJP leader Janardhana Reddy had no problem in conducting the marriage of his daughter by spending Rs 500 crore,’’ he said.

He was highly critical of the Union Government for targeting the co-operative sector.


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