Social Democratic Party of India

सोशल डेमोक्रेटिक पार्टी ऑफ़ इंडिया

Freedom from Hunger, Freedom from Fear


SDPI observed BLACK DAY on 31 Jan in wake of Economic Emergency instated by Modi Govt.

Modi Govt's demonetization has instated Economic Emergency in India. Do you Agree?


By a sudden declaration of demonetization of Rs.500 and Rs.1000 currency notes by Prime Minister Narendra Modi on the eve of 8 November 2016, the BJP government at Center has struck a severe blow on the fundamental rights of citizens and indirectly instated an ‘Economic Emergency’.

This was indeed a tyranny and mockery of democracy. Even after two months of demonetization, the people are desperately wandering for the petty cash to meet their routine needs and requirements. There is no any country in the world except India where its citizens are denied to withdraw cash from their own hard earned savings deposited in their bank accounts. The country is pushed back to decades as the economy of the nation is falling down due to the cash crisis. People of all strata of life are struggling to such an extent that they lost their business and jobs, cancelled thousands of marriages, lost the lives, progress is halted and promotion activities stalled.

Instead of accepting this massive blunder, Narendra Modi, though witnessing the tale of miseries of the people, playing with the sentiments of the citizens of this country by uttering speeches with metaphors and vocabularies. He has not taken the confidence of his own cabinet ministers, not consulted with the economic experts and central bank before taking such a grave decision. Time will reveal the mystery behind Modi’s decision as the experts says there is a big scam behind this. Shockingly, there are enough evidences that the matter of demonetization was disclosed to his close associates. The reasons stated by Modi behind the Note ban was to curb counterfeiting and funding of terrorism with fake notes, ending corruption and to crack down on black money in the country which proved to be a big slump. Later PM Modi and his ministers stressed on Cashless economy which is also proving to be a damp squib. The total value of the Rs.500 and Rs.1000 notes in circulation was around Rs.15.44 lakh crores which were printed during the past 15 years, were the 86% of the total currency in circulation in the country. While abolishing 86% of the currency notes the government was totally failed to supply the replacing currencies and the entire country had to bear with only 14% of small notes. It was the sheer failure of the government to make preparation for quick replacement of the old notes with new ones. The failures and negligence of the central government directly impacted the common man of the country compelling to bear huge losses.

Loss of Lives

Nearly 100 people have died when they stood in dense and day long queues in front of the banks to exchange their demonetized big currencies. It’s a matter of shame that the BJP government was least bothered to compensate the families of the victims and even refused to pay tribute to them.

Opened New Doors of Corruption

All the claims of the government to abolish big currencies are all proved ridiculous. For seizing the counterfeit currency, is it necessary to put the ordinary people in such a great truble? In fact, all the ‘black wealth’ accumulated is not entirely in the form of black money. Most part of it is in the form of real estate, gold, share market, foreign investments, etc., whereas ‘black money’ in the form of cash is a very small part of it. It’s a fact that, the black money holders have converted their black money now in bulk through high ranking bank officials opening new doors of corruption in the country. The demonetization move by the BJP government is nowhere in place to curb ‘Black Economy’ and it is nothing but an act of ‘Dig mountain to Catch the Rat’.

Black Money Game by the Political Parties

While BJP is uttering dissent against ‘black money’, the party itself is in gloom in the same dock. In the 2014 Lok Sabha elections, it is estimated that probably about Rs.30,000 crore was spent by the parties and a major part of this was spent by Narendra Modi for his high magnitude campaign. If the BJP was indeed serious about curbing black money, it should have declared the sources from where it got its funding and would have pressurized other parties too declare their sources of funding.

India Became Cashless Nation

When the claims of BJP govt. behind the ‘currency ban’ proved as unreasonable, it has shifted its focus from the drive against black money to pressure the people to make the transition first to a ‘less-cash economy’ and then later a ‘Cashless economy’ which virtually made the India as ‘Cashless Nation’. Its unpardonable that the government has restricted its own citizens the withdrawal of cash from the bank accounts. On the other hand, the government has waived off the loans of billions of Rupees belonging to the corporate defaulters.

Fight Against Economic Emergency, Cultural Fascism and Political Fascism

After the announcement of demonetization the nation is going through ‘Economic Emergency’ situation.

Farmers, contractors, entrepreneurs, laborers, industrialists, etc. have borne the brunt of the government’s move. About 5 crores of labors have lost their jobs. Trade & Commerce have declined to a lowest level which diminished the GDP of the nation. The government has curtailed the fundamental rights of the citizens of this nation to forcefully deposit their cash and from withdrawing from their bank accounts. PM Modi, in his rhetoric said those who question the reliability of the government’s move are supporters of black money and thus trying to suppress the voice of the public. After BJP coming to power at Center, it is implementing anti-people policies, let off communal forces to continue and imposing Hindutwa Nationalist agenda on the nation. It has been shamelessly curbing the voice of political dissent and democratic opinion of the public.


Social Democratic Party of India is conducting a BLACK DAY on 31 Jan 2017 throughout the nation in protest of BJP governments’ anti-people policies. SDPI will relentlessly fight against Economic Fascism, Cultural Fascism and Political Fascism of Narendra Modi & BJP government to save and strengthen the nation.

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SDPI observed BLACK DAY on 31 Jan in wake of Economic Emergency instated by Modi Govt.
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