Is Demonetisation Effects Muslim Minorities Words from Owaisi

By : 17-Dec-2016
 Demonetisation Impact On Muslim Minorities

Asaduddin Owaisi, President of the All India Majlis-e-Ittehadul Muslimeen party (AIMIM) and Member of Parliament, Lok Sabha has opined that the demonetisation move taken by the government has overlooked the troubles of the Muslim minorities and are kept under much more stress.

The demonetisation move, Owaisi says, has failed in its implementation and in its process has destroyed about 70% of the informal economy and also 50% of the white goods economy. Moreover, the lives of marginalised communities such as Adivasi or Muslim or Women or Dalits have been completely destroyed for its poor implementation.

According to a Deepak Mohanty Committee report of 2015, Muslims constitute about 15% of the Indian population, but they have a disproportionately low share in different financial asstes categories.

Similarly, the World Bank CGAP report states that only 53% of the households have bank accounts in towns where there is a Muslim population of above 50%.

The Muslims have a very low participation and are also excluded from formal institutions like banks and cooperative societies, states an RBI report of the Committee on Medium-term Path on Financial Inclusion using data from the All-India Debt and Investment Survey (AIDIS).

Furthermore, Muslims along with SCs are more deprived and are the sections that only got 2% of the bank loans, leaving them inaccessible to bank loans, states Kundu Committee report.

Being in such a financially excluded scenario, now, Muslim minorities are facing more struggles with demonetisation as it shown a huge economic and social impact on their lives.

Banks deposit cash in ATMs in areas where greater amounts of deposits come from. And since, the Muslim areas are not covered in much of the banking system, as the statistics above say, those areas where Muslims live are given least preference by the banks to make deposits in the ATMs. This is resulting in a situation where Muslims cannot even draw money from ATMs and their normal life is getting affected.

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