Highlights 1 Modi's decision is a joke, calamity and a brake on Indian economy: Kerala Finance Minister2 This decision will bring the economy to a standstill: Isaac3 Ordinary people keep cash in hand, black money is stashed abroad: IsaacComing down heavily on the central government for its decision to scrap Rs 500 and 1000 notes, Kerala Finance Minister Thomas Isaac has called the decision a joke, a calamity and a brake on the economy. READ | Mamata slams Modi over discontinuation of Rs 500 notes, calls decision "ill-conceived""THINK ABOUT ORDINARY PEOPLE""It is going to disrupt economic life. Criticizing the decision further, Isaac said "If the prime minister is thinking black money is held in cash in almirahs in India, then that's not right. Major proportion of black money is stacked abroad, the rest is invested in gold or other previous metals and properties. READ: PM Modi's rupee revamp: Scrapping big notes a problem for common man, say peopleREAD: New Rs 500, Rs 2000 notes: All you need to know

Source: India Today November 08, 2016 20:25 UTC