Uttam Kumar Reddy: Demonetization move by PM Modi taken in haste

Opposing Prime Minister Narendra Modi's move of demonetising Rs. 1,000 and Rs. 500 currency notes, Telangana Congress Committee president N Uttam Kumar Reddy said that the step was taken in haste leaving a long lasting impact on the poor and middle-class people.

Stating that millions of people from the poorer and middle-class sections are terrified with the move, Uttam Kumar said the demonetisation was initiated in order to divert the attention from PM Modi's failure to get back the black money stashed in foreign countries and instead pushed the public into so much trouble that they couldn't access their own hard-earned money.

Addressing a public meeting in Nereducherla of Suryapet district, the Congress leader said the party is in favor of the war against black money but the sudden decision has effected the lives of the daily wage earners, poor, middle class, small traders, farmers, housewives, students and self-employed.

Expressing concern over the decision hitting the regular cash flow into the market thus effecting the daily wage earners, he demanded the losses be compensated by the Central and State Government. Uttam Kumar also suggested the government relax the limitation for the exchange of old notes and also on the withdrawal limits from the ATMs.