Rajamahendravaram: The demonetization announced in a hurry by Prime Minister Narendra Modi can turn into a political disaster for him and throw the common man into more financial distress ultimately leading to an utter chaos in the country, said YSR Congress Party president and AP Opposition Leader YS Jagan Mohan Reddy on Wednesday.

YS Jagan demanded that the decision be postponed so that the common man, especially in rural areas, get used to deal with the consequences.

Speaking to media here, YS Jagan said everyone who hoped that the abolition of Rs500 and Rs1,000 notes could pave way for radical reforms in the country are now totally disappointed with the shoddy way of handling its aftermath. "As a progressive political party, we welcomed the decision immediately after the announcement. But we have realized later that the Prime Minister announced it without making even basic arrangements to handle the repercussions that have arisen throughout the country, especially in rural areas," he said.

We now believe that the decision to abolish the high currency value notes was leaked to a select group of people including Chief Minister Chandrababu Naidu as all the circumstantial evidence so points, Jagan said. Chandrababu who claimed it was he who influenced Modi to abolish high value notes himself is now expressing his impatience with with implementation of the decision, he added.

"With crores of people having no access to banking in the country and without proper infrastructure with the banks to serve even the existing customer base, the demonetization effects are going to prove disaster for the nation. Great decision without proper implementation plans have turned disastrous time and again in history just like in the case of Glasnost and Perestroika of Mikhael Gorbachev, the then General Secretary of the USSR in the early 1990s. The plans boomeranged on him and the country was disintegrated into several small countries and the economy was ruined beyond repair," YS Jagan pointed out.

The AP Opposition Leader demanded that the decision be reviewed and situation repaired before it is too late. It need not be imposed on people in such a hurry when the government has got all mechanisms to curb black money, he said.