Demonetisation has derailed entire economy : Maken

New Delhi, Dec 14: Attacking the central government over demonetisation, Congress' Delhi unit chief Ajay Maken said on Tuesday that this move has not only derailed the "economy of the city but of the entire country".

"Nowadays we can see the people who had came to Delhi in search of jobs are returning to their homes, as the businesses and industries have been badly impacted with demonetisation," Maken said while addressing the people at a Jan Sadan in Babarpur block in northeast Delhi.

"This Modi government has not only derailed the economy of Delhi but the economy of the entire country," he alleged.

The Congress held a Jan Sadan in all the 280 ward councils across the city.

Citing low demand in the market post demonetisation, Maken said: "Businessmen, industrialists are saying that their business has been affected and the demand for goods has fallen due to demonetisation."

"Now you people please tell me when there is no demand, when there is no production, then how the labourers and daily wagers would get employment?" he asked.

Maken said the Prime Minister had on November 8 asserted that his government has taken the decision to demonetise Rs 500 and Rs 1,000 notes to stop black marketing and black money, but had made a u-turn.

"Modiji said that Rs 14.5 lakh crore money was in circulation in these two notes and till two days back, Rs 12.5 lakh crore was submitted in banks. When he came to know that demonetisation has nothing to do with the black money, then he made an excuse of terrorism.

"Then police and security officials started nabbing terrorists. Then they found new currency notes in their possession," he said.

"When Modiji came to know that his strategy of terrorism has been punctured, then again he made a u-turn and said that we want to make our economy a cashless economy," he said, noting that a cashless economy means paying taxes to the banks on every single transaction.

Slamming the government over the huge amount of money recovered from several parts of the country in new currency notes, Maken said: "Modiji must explain when the people of the country are standing in the bank queues for almost seven to eight hours then how such big amounts are going to such people."

Serpentine queues have been witnessed outside banks and ATMs across the country following the cash chaos post demonetisation.