Cashless economy face-saving talk: Marri

Hyderabad: Making it clear that there was no dispute about the need for eradication of corruption and black money in the country,  former minister Marri Shashidhar Reddy asked the  Prime Minister to explain  whether the Centre  had thought about the repercussions of implementing  ‘cashless economy’.

Speaking to the media at Gandhi Bhavan here on Tuesday, Marri said that the  note ban has  turned out to be a monumental  management failure, with people having limited or no access to the money in their accounts, even if temporarily, amounting to organised loot and legalised plunder, as said by  former Prime Minister Dr Manmohan Singh.

Quoting his prediction of a decline in GDP, Marri alleged that Modi gave no thought to the fact that Rs.500 and Rs.1000 notes account for 86 percent of the total currency and hence had no clue about how his move would adversely impact  the farmers, the poor and the marginalised people and all sectors. Like many in India, he too perhaps, erroneously thought that black money was bundles of bank notes to be exchanged by influential people for favours.

Marri claimed that sensing the nation’s mood, Modi has changed the narrative from war on black money to cashless economy in his ‘Mann ki Baat’ on Sunday (November 27). 

Suddenly, RBI governor Urjit Patel has also shared Modi’s ‘Mann ki Baat’, after remaining silent since November 8, Marri pointed out and said that this was nothing but an after-thought. Neither Prime Minister’s address on November 8 nor PIB press release after that had any mention of cashless economy.

He asked was India really ready for it? While one can concede that cashless economy was also desirable, he asked whether Modi thought  as to what to do with cashless economy during natural disasters, cyber security, online fraud, smart phones misuse, impact of negative interest rates and if the banks like SBI and ICICI collapsed. He pointed out that the even the educated people were not using net banking. -NSS

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