Demonetisation as a Means of Fighting “Black Money”

SO many lies are being spread by the government which is currently busy wrecking the Indian economy in the manner of a bull in a china shop, so many spurious economic arguments are being trotted out by it, that one has to be extremely vigilant not to be swept away by this tide of unreason. In the current article, and the two subsequent ones to follow, I propose to examine some of the more persistent assertions that are being made by government spokesmen.The most persistent assertion of course is that demonetisation is a measure against “black money”.

On Demonetisation

“It would then have been self-evident from the outset that the evil of bourgeois society is not to be remedied by ‘transforming’ the banks or by founding a rational ‘money system’”.- Karl Marx, Grundrisse (1857-8)AS is the wont of this government, the recent move to demonetise 500 and 1000 rupee currency notes has now become about nationalism. Not merely national interest, but nationalism itself. Such grandstanding is becoming a constant habit from this government, every time it finds itself walking on thin ice.

Chit Fund Sufferers Rally in Kolkata

WHILE long queues wait outside banks and ATMs in Kolkata, thousands marched demanding their lost money in chit funds. West Bengal chief minister’s histrionics on demonetisation issue cannot erase the truth that her party was the biggest beneficiary of illegal chit funds in the state. Nearly 20 lakh people lost their hard earned money to cheating by companies like Saradha and Rosevalley.

Central Offensive against Credit Cooperatives

THE frenzy unleashed by the demonetisation of 1000 and 500 rupee currency notes has entered the third week. The Indian economy is still decelerating and in a sense imploding. The first assessment of the likely impact of the currency debacle on GDP growth has come from AMBIT, who has revised the GDP growth rate for 2016-17 from 6.8 to 3.5 percent. They estimate the growth in the current quarter to be in the negative. I find it difficult to reconcile with such a precipitous fall but, the Indian growth story has been tripped.

Allow Cooperative Banks to Exchange Demonetised Notes: BEFI

THE Bank Employees Federation of India (BEFI) has appealed to the finance minister to ensure that cooperative banks including primary agricultural cooperatives are permitted to exchange old Rs 500 and Rs 1,000 notes to mitigate the sufferings of the rural populace, particularly peasants.BEFI general secretary Pradip Biswas, in a letter to finance minister Arun Jaitley on November 17, said the Reserve Bank of India’s decision barring District Central Cooperative Banks (DCCBs) and other cooperatives from exchanging and accepting demonetised notes has landed the rural people, particularly the

Kisan Sangharsh Jatha Concludes in a Huge Rally

THE three week long Kisan Sangharsh Jatha, organised by the All India Kisan Sabha (AIKS), concluded in a huge public rally in New Delhi on November 24, 2016. The jatha originated from four different destinations in India – Jammu, Kolkata, Virudhunagar and Kanyakumari. Each jatha led by their leaders – Amra Ram, Hannan Mollah, Vijoo Krishnan and P Krishnaprasad respectively – travelled a cumulative distance of 25,000 km covering almost all regions of the country.

AIAWU Denounces Demonetisation

THE All India Agricultural Workers Union (AIAWU), in a statement issued on November 19 has demanded the central government to make immediate arrangements to dispense the wages of MNREGA workers on priority basis. Crores of MNREGA workers have not been paid due to lack of lower denomination notes over the last two weeks. Crores of workers’ wage dues are pending for more than three months and the central government has admitted the same in Supreme Court and assured that it will be paid as soon as possible.

Make Railways Safe

THE railway accident involving the Indore-Patna Express at Pukhrayan, near Kanpur, has taken a terrible toll. 146 passengers perished and over 250 were injured, some of them maimed for the rest of their lives.

Fight this “Cash War” on the People

THE “cash war” declared by Prime Minister Narendra Modi on the Indian people is exacting a heavy toll on the people. Scores of people, men, women and children have died as a result of the misery inflicted by the withdrawal of 1,000 and 500 rupee notes.

New Thrust to International Solidarity

THE 18th International Meeting of the Communist and Workers' Parties (IMCWP) saw a renewed vigor and determination in the resolve to work together in the coming days. This is quite natural as the IMCWP was held for the first time in a socialist country, Vietnam, ever since the process began with the first meeting held in 1999 in Greece.India can legitimately claim to have given the inspiration for this idea as the CPI(M) organised an international seminar on the 'Contemporary World Situation and the Validity of Marxism' in 1993, coinciding with the 175th birth anniversary of Karl Marx.

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