Seeking a suspension of currency ban

Prime Minister Narendra Modi's decision to demonetise Rs.500 and Rs.1,000 notes has been opposed by a group of 150 eminent citizens who have urged the government to immediately take measures to ease the hardship of the people or else consider a roll-back or suspension of the move.
The signatories to the statement include economists Prabhat Patnaik and Jayati Ghosh, writer Nayantara Sahgal, lawyer Prashant Bhushan, documentary filmmaker Anand Patwardhan, artist Vivan Sundaram, and Justice (retd) Chandru Krishnaswami.
They have questioned the “efficacy“ of demonetisation in eliminating black money and counterfeits while plunging the entire co untry into “chaos“. The statement wonders how reissuing of Rs.500 and Rs.1000 notes and the introduction of Rs.2,000 notes will put the brakes on generation of black money .
According to I-T raids data, the statement says, only 5-6% black money is kept in hard cash with the rest converted to bullion, real estate or foreign currencies through the use of middlemen.

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