By TCN News
The Social Democratic Party of India, (SDPI) has termed the demonetisation of Rs 500 and Rs 1,000 notes by the NDA Government to contain the Black Money menace will hit the common and ordinary man most. The so-called “surgical strikes” is likely to have an adverse impact on the economy, given that about 40% of the economy is driven by small- and medium-sized enterprises that largely run on cash transactions, the party said
SDPI national president A Sayeed in a statement has said that the party welcomes any crackdown on black money and corruption. However, without “Surgical strikes” against the wealthiest will only prove counter-productive in the long run. The huge black money holders may not even possess 500/1000 notes. They may have dollars, gold, property in India abroad etc. They are least affected by demonetisation. He said demonetisation move has caused inconvenience to farmers, the poor in villages, ordinary shopkeepers, small and medium businesses and the housewives alike who keep cash at home. It will also sound the death knell for small businessmen.
“The Corporate grip on the economy will further strengthen. The Middle and upper Middle Class will suffer. Banking Sector and the Government will benefit. The understanding between Corporate Sector, Banking Sector and the Political Hierarchy and mutual distribution of benefits is hitting the masses in a big way,” he added.
The party added that black money in our country is the result of nexus between politics and unaccounted money. “So long as electoral reforms are not initiated as suggested by the Election Commission of India which had pin-pointed it to short-circuit that nexus curb on black money cannot be achieved,” Saeed added.