Commoners will suffer from demonetisation move: CPI-M

New Delhi: CPI-M's Rajya Sabha MP Ritabrata Banerjee on Tuesday said that the common people are going to suffer in the coming days by the government's move to withdraw Rs 500 and Rs 1,000 notes.

"Gimmicks are not the solution to real menaces facing the suffering millions. The commoners will be the ones to be harassed most.

"Most of the #BlackMoney are in the foreign banks. Why the PM failed to bring it back in the last 2.5 years. The commoners will suffer in the coming days," Banerjee said in a series of tweets.

As part of sweeping steps to battle black money, Prime Minister Narendra Modi announced that Rs 500 and Rs 1,000 currency notes will cease to be legal tender from midnight of Tuesday.

The Prime Minister said in a televised address that all the 500 and 1,000 denomination notes can be deposited in banks and post offices between November 10 and December 30.