Tuesday, November 8, 2016

Modi's decision will inconvenience people: Thomas Isaac

THIRUVANANTHAPURAM: State Finance Minister Thomas Isaac has said the Centre's decision to scrap Rs 500 and Rs 1000 notes will inconvenience the public. "This is a situation similar to the state of 'economic emergency'. There is no other way before the people other than tolerating it," he said.

The minister said it is a kind of situation when brakes have been applied on the nation's economic system. "We don't know how much the loss in production sector will be. Several other nations have tried similar method but they didn't scrap currency notes all on a sudden. They had given ample time to change notes. Even the financial experts say it is a crazy decision. I don't know what was the need for so much drama," he said.

The minister said such steps would not help the government to curb black money. "The Centre should explain where the money of people like Vijaya Mallya has gone. This is trick to encourage capitalism," he added. 

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