Ordinary people worst hit: Finance minister Thomas Isaac

KOCHI: Finance minister Thomas Isaac on Sunday alleged that the demonetization of Rs 500 and Rs 1,000 denomination banknotes without adequate preparations had brought the state to the brink of famine. “It was an insane decision,” he told reporters after visiting an ATM counter on Marine Drive here. "The decision took without consulting states has created a big crisis." The daily wage earners are facing the brunt of the problem, he said, and they are facing the situation of no-job-no-wages as people are unable to hire them due to the shortage of currency.

"The plantation sector is also confronting with the problem despite wages paid on a weekly basis," he said. “The Union government should consider the seriousness of the situation and take urgent measures to counter it.”  He also admitted that there was a sharp fall in tax collection. “This would have a severe impact on the financials of the state," he said. "If the decision would have been implemented by giving four-week time the common people would not have faced such problems." The minister, however, complemented the banking staff for their excellent service despite the difficulties. "They are doing a good job despite their limitations," he said.