Nothing but hardship in month of demonetisation: Thomas Issac

Thiruvananthapuram: A month after the demonetisation process began, there has been nothing but hardship and for this Prime Minister Narendra Modi will have to answer to the people, said Kerala Finance Minister Thomas Issac on Thursday.

"The end result is people's misery and hardships have worsened and it's here that Modi will have to answer to the people," said Issac, an economics professor-turned-CPI-M politician, who is holding the finance portfolio for the second time.

Issac, in his latest Facebook post, said that the banks were flooded with the spiked notes, contrary to what was said earlier.

"Now with a huge majority of the spiked notes having come back to the banks, they say that all such accounts would be scrutinised and penalty be imposed. If that was the case, then the November 8 drama could have been avoided and they could have given the cut off for these notes without withdrawing it and then imposed the penalty.

"It has been a total mess and now I wish to get a reply from all those who came and abused me on my Facebook page, when I criticised Modi for the demonetisation step," added Issac.

But defending the Prime Minister's actions, former state BJP President P.S. Sreedharan Pillai on Thursday said that Modi had on November 8, while announcing the demonetisation programme, said that the people will have to bear hardships for 50 days.

"The PM had asked for 50 days time and now after a month, the circulation of currencies has eased out and this bold attempt should be seen from the perspective of cutting to size of black money," said Pillai.

Issac, meanwhile, also pointed out that with the state's revenue collections are dipping, the payment of salaries for the month of December can run into problems and that his government would approach the Centre to resolve matters.