Demonetisation: A pre calculated move to loot the money of common people to protect the corporate houses
AIKS demands the Prime Minister either immediately end the miseries of the common people or step down
The All India Kisan Sabha strongly condemn the demonetisation drive undertaken by the NDA Government since it is a pre calculated move to save the Corporate houses who are in acute crisis by ensuring cash flow through Public Sector Banks by looting the savings of the common people. The demonetization is not aimed to curb black money or to transform India to cashless society as claimed by the Prime Minister Narendra Modi. The aim is to save the corporate companies who are facing acute crisis in the context of intensifying World capitalist crisis that has larger impact up on Indian economy.
240 corporate institutions that is 48 percent of the top 500 corporate companies with an overall debt of Rs 12.4 lakh crores are facing the risk of being excluded from the Scheme for Sustainable Structuring of Stressed Asserts (S4A). The public sector banks are facing with severe crisis of growing NPA. The State Minister for Finance Mr. Santhosh Kumar Gangwar in a written reply in Rajyasabha on 28th November has stated that in the second quarter of the current financial year from July to September the NPA has been increased to a whopping Rs.79,977 crore thus making the cumulative NPA at Rs 6.3 lakh crore. The NPA in 2014-15 was Rs 2.67 lakh crore (5.43 %) and in 2015-16 it enhanced to Rs. 4.76 lakh crore (9.32%). It is the clear evidence of the RBI losing its control over the Public credit system due to the pro corporate policy of the Government of India which write off whopping sum of debts of corporate forces every year while not ready to free the peasantry from debt trap who are forced to commit suicide due to indebtedness.
In the last 21 days of post demonetisation, Rs. 9.35 lakh crore has been remitted in the Public Sector Banks by the common people. The senior leaders of the Bank employees are of the opinion that around 90-95% of the cancelled currency will be deposited in the banks in the days to come. However the Government and the RBI are not willing to give back the money of the common people at the same time allowing banks to write off thousands of crore rupees debts of corporate houses and further extend huge amount of loan to them. There is no justification for this loot of common man of their hard earned money by the Modi Government.
The people are facing severe economic and financial crisis and nobody can predict an immediate end to it. During the harvesting season and sowing season for Rabi crops peasantry is facing severe paucity of income since unable to sell their products and agriculture workers and rural workers are not getting wage since farmers do not have money to pay. Peasantry is unable to purchase seeds and fertilizers. The migrant workers are coming back in large number to rural area since there is no job and wages available in urban centers. All social functions including marriages, festivals etc also affected. The death reported due to the stress of demonetisation drive has already crossed 100 and the government has not ensured any relief to their families. The calculated move of RBI not to allow cooperative banks to undertake banking activities has badly affected the farmers and the rural economy. The rural economy has come to a standstill first time in the history of the country. It is like a financial ‘earth quake’ and its short term and long term consequences and loss -both economic and social- needs to be studied and compensated by the government. The entire capitalist system is facing the crisis and the Modi Government is trying unsuccessfully to overcome the crisis at the expenses of working class, peasantry and other toiling people of the country.
It seems the NDA government and RBI has lost its control over fiscal management of the country. Under the authoritarian intervention of the Modi Government the autonomy of the RBI also has been eroded and is losing the trust of the people which is a serious matter of concern to the entire nation.
AIKS demands the Prime Minister either the government take immediate steps to put an end to the miseries of the common people including farmers by allowing old notes till alternative arrangement for replacement with new currency is made and terminate all the restrictions imposed on withdrawal of the money of the common people from the Banks or put resignation paper at once.
Sd/-
Amra Ram, President
Hannan Mollah, General Secretary
New Delhi
1st December, 2016
