Currency ban transactional loss to be Rs 1.28L cr: Amit Mitra

Government’s scrapping high value Rs 1000/500 notes has “hit the poor man” hard and the economy may suffer a transactional value loss of Rs 1.28 lakh crore till December 30, West Bengal Finance Minister Amit Mitra said on Saturday.

“My concern is the double whammy of the common poor people. It has hit the common man hard. It has been a massive destabilisation resulting in transactional cost (loss) of Rs 1.28 lakh crore in 50 days. It is a complete de-empowerment of the small and medium and even large enterprises,” Amit Mitra said at a 

conference here.

People have time till December 30 to deposit the scrapped currency.

West Bengal government led by Trinamool Congress (TMC), under Chief Minister Mamata Banerjee, has supported the proposed Goods and Services Tax (GST) Bill from very beginning, Amit Mitra said, adding however that this demonetisation disruption in the middle of preparation towards GST will impact the economy severely.