Allow use of old currency for public utility till Dec. 31, Yechury urges Centre

New Delhi: Communist Party of India (Marxist) general secretary Sitaram Yechury on Monday urged the Centre to allow the use of old currency notes of Rs. 500 and Rs. 1000 for public and state utility till December 31 for convenience to the common man.

"The government should allow old currency notes of Rs. 500 and Rs. 1000 for public and state utility till December 31 to give some relief to the people," hetold the media here.

Yechury also alleged that Prime Minister Narendra Modi knows the name of the people who have stashed 90 percent of black money abroad, but is still not making them public.

"No one carries bags to fund terrorism; it is more via online transfers. Nobody is accepting this new currency. So, what is the use of introducing them?" he said.

Earlier on November 8, Prime Minister Modi took a major step and announced demonetisation of Rs. 500 and 1,000 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

In his televised address to the nation, the Prime Minister said people holding notes of Rs. 500 and Rs. 1,000 can deposit the same in their bank and post office accounts from November 10 till December 30.

With the people facing trouble after the Centre's move, the government later decided to extend the existing exemptions on paying public utility bills till November 14.