Taking a jibe at Rahul Gandhi for alleging that demonetization has hit farmers, the Bharatiya Janata Party (BJP) on Thursday said the Congress vice-president can't understand currency denomination and that's why he is called 'Pappu'.
"That is why people call Rahul Gandhi 'Pappu'. Pappu won't understand when 500 and 1000 rupees notes will be deposited in the bank, Rs. 2000 notes will be issued. The fake currencies and black money will come to an end. The new money will be accounted. When someone will deposit 500 or 1000 rupees notes and take his money, it will control the flow of black money. But Pappu won't understand these things," BJP leader Prem Shukla told ANI.
Joining the chorus of protest against the Centre's move to demonetize Rs. 500 and 1000 notes, Rahul yesterday asserted that ordinary people in the nation have been thrown into chaos, and asked Prime Minster Narendra Modi as to how replacing 1000 rupee notes with 2000 rupee notes makes black money hoarding harder.
Expressing his ire on Twitter, Rahul said that this step was a testimony of how little the Prime Minister cared about the ordinary people who included farmers, shopkeepers and housewives.
Prime Minister Modi has said the notes in circulation can be exchanged at banks till December 30, adding that some concessions will be allowed for use of these notes at hospitals and crematoriums, and to buy air, rail and bus tickets till November 11.
But the short notice sparked concern among people who then formed long queues outside ATMs across India, attempting to withdraw smaller bank notes.
A majority of citizens, including Dalal Street experts have lauded the government's demonetization of Rs. 500 and Rs. 1,000 notes.
However, the move is expected to hit many sectors such as real estate and jewellery, where cash transactions are widespread.
Sectors like real estate and jewellery that use more of black money will take a big knock after Prime Minister Narendra Modi's massive crackdown with the withdrawal of Rs. 500 and Rs. 1,000 notes.
Real estate stocks have taken a pounding in early trade as the sector is expected to feel the heat of the government's move.
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