Hitting out at the demonetistion scheme of the Centre, Puducherry Chief Minister V Narayanasamy today said digital transactions would be irrelevant when over 70 percent of the Union territory's population lives in rural areas without basic infrastructure.
"Digital transactions and electronic mode of payment would not be relevant when more than 70 percent of the people were living in rural areas without basic infrastructure," he told reporters here.
"Prime Minister Narendra Modi and Union Finance Minister Arun Jaitley are living in the dream world resorting to demonetisation and giving directions to people to adopt digital transactions," Narayanasamy said.
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Terming the demonetisation move as a "badly conceived initiative," Congress Rajya sabha MP M V Rajeev Gowda said, the move has caused monumental disaster to the country's economy with cascading effect on industrial sector and affecting employment opportunities of the youth.
Stating that the 50-day deadline sought by Prime Minister Narendra Modi on the day he announced the ban on Rs 500 and Rs 1000 notes had come to an end today, he said, "Modi has not succeeded in his initiative to curb black money.
Claiming that farmers, women, youths and the poorer sections were the worst hit by demonetisation, the Congress MP from Karnataka said, "We gave the Prime Minister fifty days. But he has not restored the currency notes in the banks."
"He should acknowledge his failure and it is a monumental tragedy that he has caused havoc to the economy by his demonetisation move," he added.
Gowda urged the Centre to immediately remove the restrictions on the cap on the quantum of money to be withdrawn from the accounts.
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