• search
For Quick Alerts
For Daily Alerts

LDF to observe shutdown against demonetisation

By Ians

Thiruvananthapuram, Nov 24: Kerala's ruling LDF will observe a shutdown on Monday to denounce the demonetisation of high value currency which has left the cooperative banks in turmoil.

Left Democratic Front convenor Vaikom Viswan made the announcement in a statement.

Demonetisation: LDF to observe shutdown

"The state-wide shutdown will be from dawn to dusk," the statement said, adding it was also to protest against the "rash" conduct of Prime Minister Narendra Modi.

Modi reportedly declined to meet an all-party delegation led by Kerala Chief Minister Pinarayi Vijayan to brief him about the problems faced by the cooperative sector.

Read more: 'Monumental Mismanagement'- Dr Manmohan Singh says on implementation of demonetisation

On November 8, the central government declared that Rs 500 and 1,000 notes would no more be legal tender.

Two days later, permission was withdrawn for the 1,600 odd primary cooperative societies from accepting or exchanging the spiked currencies, creating widespread resentment in Kerala.

The cooperative banking sector in Kerala is a three-tier system with about 1,600 primary cooperative banks attached to 14 district banks, which are further linked to the apex Kerala State Cooperative Bank (KSCB).

The total deposit in the cooperative banks, says Kerala Cooperation Minister A.C. Moideen, is around Rs 1.27 lakh crore.


For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more