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On the Note Ban: Real Aims and False Claims

A Publication of the Communist Ghadar Party of India, January 2017

The year 2016 came to an end amidst a grave cash crisis created by deliberate government action. The demonetization drive launched on 8th November, popularly called the Note Ban, has led to widespread ruin and wrecking of numerous sectors of social production.

In one stroke, 86% of the value of rupee notes in circulation was declared illegal tender on 8th November 2016. People were given 50 days to deposit their old notes in banks. In a society where a majority of people rely heavily on cash transactions for their survival, the immediate economic impact of the Note Ban has been truly devastating.

Lakhs of daily-wage and contract workers have been thrown out of work, for lack of cash to pay wages. Peasants in many regions have been unable to buy the inputs needed for the rabi sowing season. Wholesale and retail trade has shrunk. So has construction activity, tourism, transport, small and medium-scale industries and services which depend on cash. Several lives have been lost as a result of being unable to pay for emergency medicines.

At the other pole, the Note Ban has created opportunities for several Indian monopoly houses and foreign multinationals to reap enormous profits, including the telecom monopolies and recently created payment banks. It has been welcomed and hailed by the chieftains of the capitalist monopoly houses who call themselves India Incorporated. Business Standard reported on 2nd January, 2017, that 21 out of 25 Chief Executive Officers of Indian big corporations expressed satisfaction with the government’s performance and that the majority of them expect to step up their investments in 2017.

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Tue, 17 Jan 2017.

Brutal state terror in Chhattisgarh:

Human rights activists attacked by Bastar police

The police and security forces of the state in Chhattisgarh have launched a vicious campaign to harass, vilify, intimidate, arrest and persecute all those who have been investigating the gross human rights violations of the adivasi people there, courageously bringing out the truth and fighting for justice and punishment for the authoritie

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Tue, 17 Jan 2017.

A grave situation for the people of Manipur

Since November 1, 2016, that is for nearly two and half months, the people of Manipur are facing the consequences of an economic blockade that has been imposed on them.

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Tue, 17 Jan 2017.

Cut in gas subsidies:

Protest movement by workers grows in Mexico

On December 27, 2016 the Mexican administration announced a cut to gas subsidies which came into effect from January 1, 2017. Called the “Gasolinazo”, this move resulted in a steep rise in the price of standard petrol by 20 percent to 15.99 pesos (75 cents) a litre.

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Mon, 16 Jan 2017.

Note ban causes problems for people in Nepal and Bhutan

Nepal and Bhutan are the only two other countries that accept some Indian currency as legal tender. The note ban announced by the government on November 8, 2016 has caused severe problems for the people of both these countries, whose economies are heavily dependent on Indian currency.

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Mon, 16 Jan 2017.

Mazdoor Ekta Lehar

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