KC(M) hails demonetisation

Kottayam: The Union government's decision to demonetise Rs 1000 and Rs 500 notes today received support from Kerala Congress (M) headed by former state Finance Minister K M Mani.

Hailing the decision taken by Narendra Modi-led government, KC(M) Vice Chairman and party's lone Lok Sabha MP Jose K Mani said it would "strengthen the foundation of the country's economy."

He, however, noted that the decision has created "some problem" for the farmers who have taken loans from banks and urged the CPI(M)-led Left Democratic Front (LDF) government in Kerala to take measures to protect the interests of farming community.

"Steps like revenue recovery should not be carried out till the normalcy is brought in the economic situation," said Jose, son of K M Mani.

KCM had recently severed its ties with the Congress-led UDF.