YSR Congress party president Y S Jaganmohan Reddy on Tuesday warned that the country was heading towards the biggest man-made calamity with the decision of the NDA government on demonetisation and imposing curbs on currency withdrawal from banks.
Jagan made a representation to Andhra Pradesh and Telangana Governor ESL Narasimhan and requested him to use his good offices to solve the problems being faced by the common man in view of the demonetisation of high denomination notes.
He said the demonetisation decision was taken without any preparation and making any alternative arrangements due to which the poor people are made to stand in long queues for days together to withdraw just two or four thousand rupees.
“If the withdrawn money is not replenished with new currency, the nation is going to head towards the biggest calamity. It will take at least six months to replenish the complete currency. This will hit the common man hard as India is a cash dependent economy with a cash/GDP ratio of 10.6 per cent. The cash crunch has caused unmitigated hardship to country's workforce in the unorganised sector,” he said.
