The banks have no money, ATMs are out of order. Ordinary people are huddled in the streets, hoping to exchange the banknotes of 500 and 1000 rupees. The suspicion is that the BJP leaders knew in advance of the move, and have had time to secure their money. Perhaps the ruling party is the only one with the money for the election campaign in Uttar Pradesh next year.
New Delhi (AsiaNews) - In India "the conditions of the poor and middle class are disastrous. They are all on the street and queuing for long hours in front of the banks to change their money. There were also fights and scuffles, because people no longer have the money to buy food”, a Catholic source, anonymous source for security reasons tells AsiaNews.
The source was commenting on the consequences of the decision of Prime Minister Narendra Modi, who last week surprisingly decided to withdraw 500 and 1000 rupees bank notes from circulation, in an attempt to curb the counterfeit money .
"At the beginning - says the source - the people were happy. It really seemed a positive step to eliminate the phenomenon of 'black' money. But then, as the days went by and it was discovered that there was not enough money to replace those banned, it was understood that it was just a political move, probably implemented with the aim of favoring the ruling party BJP (Bharatiya Janata Party) in the forthcoming elections in Uttar Pradesh ".
The source reports the complaints of the Indian population and the opposition leader, gathered around the chief minister of Delhi Arvind Kejriwal and the chief minister of West Bengal Mamata Banerjee. "Everyone is wondering about the reason for this move - he says . “The hypothesis is that it is an attempt to eliminate common money to concentrate political power in the BJP ahead of the election. "
The Indian population has "been caught completely by surprise, and is suffering greatly. Now there is the creeping doubt that perhaps the government authorities already knew of the initiative, and they had the time to secure their own money. "
Ordinary people, however, “are crowded in the streets" in endless queues to change their money. There were also sad events, like the death of two people from heart attacks because of the long wait. The situation is "confused. Each day different indications on how to withdraw are given". But the main problem "is that there is no money." According to reports, "the ATMs do not work, the banks have no money." In summary, "the government did not organize the transition to the new money" in the best way. The aspect of the fight against counterfeiting of currencies, "is no longer so clear. Modi has launched a new note, the 2000 rupees, which does not have many potential customers and nobody accepts it for exchange. On the other hand they could simply have increased the amount of 50 or 100 rupees in circulation, which are the most used among the poor people. "
There is also another factor to be reckoned with: "The coincidence between the prime minister’s move and the initiatives of the great Indian entrepreneurs. For example, a few months ago the billionaire Mukesh Ambani [owner of the fourth largest phone company, ed], launched a free telephone line until 31 December. The same date is the deadline for the exchange of money. " Now people "suspect that Modi wanted to protect some big businessmen close to his party."
People "are increasingly poor, while in appearance the party is getting stronger, and perhaps will be the only one who next year will have the money for the election campaign in Uttar Pradesh". For India in general, he says in conclusion, "all this is just a loss. Modi has monopolized the economy. And since the 'black' money is going to the government, it is very likely that it has the capacity to reinvest it in some way. "