Tag Archives: demonetization

WSS Statement on Demonetization

Wake up Call – There is no light at the end of demonetisation tunnel

Razia of Aligarh died on December 4. On the night of November 20 when she was rushed to the district hospital in a critical condition she told media persons that she took the extreme step after failing to exchange her old 500 rupee notes for days together “out of total helplessness as her four children had not eaten any thing for three days”.

The toll brought about by demonetization has now crossed 100. This includes old people unable to bear the strain of standing in queues, people denied treatment at hospitals, students unable to pay their fees – situations created due to demonetization and lack of available currency.

The sudden withdrawal of 86.4 per cent of the currency value in circulation without any preparedness and efforts to replace it with notes of lower denominations for daily transactions has resulted in unprecedented and continuing collapse of people’s earnings, purchasing power and economic chaos.

With the beginning of a new month, even the salaried middle class has been pushed into a critical position with no cash in hand. Continue reading