Dimapur, Jan. 9: The Nagaland Pradesh Congress Committee (NPCC) has decided to form district-level implementation committees to highlight the ‘negative impacts’ of demonetization across the state. The move is part of the Congress party’s stance to “highlight the ill effects of demonetization,” a press release from the Congress on Monday suggested.
AICC State Coordinator in-charge of Nagaland state Pradyut Bordoloi addressed a meeting, with the NPCC, on Monday at the Congress Bhavan, in Dimapur, a note from the organizers informed.
The media cell of the Nagaland Pradesh Congress Committee issued a press release on January 9 informing about the event.
“Shri. Bordoloi said that it is the responsibility of the Congress to highlight the ill effects of demonetization and adding that the Congress is mobilizing all its units across the nation to create awareness on the ill effects of demonetization,” the press release quoted him as having said during the meeting.
“He said that the miseries of the common man because of demonetization have only continued to increase and called upon the NPCC to continue to build awareness on the dictatorial decision of the Prime Minister Shri. Narendra Modi, which infringes upon the basic fundamental rights of the people.”
Bordoloi also read out a list of demands put forth by the AICC National Vice President Rahul Gandhi, to ‘mitigate the ill effects of demonetization on the nation.’
The president of the NPCC, K Therie, also said during the meeting that demonetization or ‘cashless economy’ is not practical and that it was ‘unacceptable to a rural economy like Nagaland since more than 90% of the people are without bank accounts.’
He said the “senseless act of demonetization has paralysed the vibrant economy, as there is no infrastructure to support a digital economy,” the press release stated.
The Congress leaders have decided on a number of resolutions. They resolved to demand from Prime Minister Narendra Modi to ‘answer the charges on the demonetization white paper brought out by AICC.’
The Congress has also decided to form district-level Implementation committees to highlight the negative impacts of demonetization across the state.
Further, the Congress has decided on ‘extending solidarity with the people across the country badly affected by the impacts of the senseless act of demonetization implemented without any planning or thought.’
About Demonetization
Demonetization is the act of stripping a currency unit of its status as legal tender. Demonetization is necessary whenever there is a change of national currency. Demonetization is a governmental withdrawal of the monetary quality from particular coinage or precious metal.
By demonetization, former money is no longer legal tender, although in certain cases it may still be used as money of exchange, i.e., the actual metallic value may sometimes be accepted in discharge of indebtedness.
What is the definition of legal tender?
Legal tender is any official medium of payment recognized by law that can be used to extinguish a public or private debt, or meet a financial obligation. The national currency is legal tender in practically every country. A creditor is obligated to accept legal tender toward repayment of a debt.
However, such was not the case with regard to the demonetization (1933) of US gold. The demonetization law stipulated that gold may not lawfully be used in domestic exchange, although it may be purchased for shipment abroad.
Other instances of demonetization were the American conversion (1873) of silver into money of exchange and the similar British conversion (1889) of pre-Victorian gold coins.
