Five years of Demonetisation: About five years ago, on this day, Prime Minister Modi had announced to stop the currency notes of 500 and 1000 rupees from midnight. On the completion of five years of this decision, today the opposition parties have raised tough questions. Priyanka Gandhi Vadra has said that if demonetisation was successful then why has the economy not become cashless, why corruption continues and black money not returned?
On the other hand, veteran Congress leader and Thiruvananthapuram (Kerala) MP Shashi Tharoor, while sharing a video tweet, described demonetisation as a badly implemented decision that shook the foundation of the economy. He said that for the first time since Mohammed bin Tughlaq the Indian government took such a bad decision. Opposition parties have blamed demonetisation for the weak health of the economy. The Modi government had told the objective of demonetisation to reduce cash as well as hit on black money, but today there is record cash available in the system.
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The opposition made such a target on the completion of five years of demonetisation
Priyanka Gandhi said demonetisation with the hashtag of disaster that if demonetisation was successful then why did corruption not end? Why didn’t the black money come back? Why hasn’t the economy gone cashless? Why didn’t terrorism hurt? Why is inflation not controlled?
If demonetisation was successful then
Why hasn’t corruption ended?
Why didn’t the black money come back?
Why hasn’t the economy gone cashless?
Why didn’t terrorism hurt?
Why is inflation not controlled?#DemonetisationDisaster— Priyanka Gandhi Vadra (@priyankagandhi) November 8, 2021
Shashi Tharoor has shared the video tweet in which he described it as a deliberate and badly implemented decision that shook the foundation of the economy.
Five years ago today, an impulsively-conceived, ill-thought out, poorly implemented decision knocked the bottom out of our economy. It’s time to demand accountability. #DemonetisationDisaster pic.twitter.com/NdGLaJLo7B
– Shashi Tharoor (hasShashiTharoor) November 8, 2021
Tharoor described the decision of demonetisation as the worst decision to be implemented in the country after Mohammed bin Tughlaq. Tharoor has again carried forward the nearly one year old tweet today. In a tweet on 22 July 2020, Tharoor had said that demonetisation has become a case study for the world economy which has failed to meet all its targets and has badly affected the economy and the lives of millions of people. .
On the fifth anniversary of the most foolish, whimsical, ill-conceived & poorly-implemented policy ever devised by an Indian government since the days of Mohammad bin Tughlaq, let us bow our head to its victims. #DemonetisationDisaster https://t.co/LufGFZ6g1n
– Shashi Tharoor (hasShashiTharoor) November 8, 2021
Trinamool Congress MP Derek O’Brien quoted TMC chief Mamata Banerjee’s tweet on November 8, 2016, saying that only Mamata Banerjee had criticized the decision at that time and asked it to be withdrawn. Mamata Banerjee had made five tweets after the announcement of demonetisation in 2016, calling it a draconian decision and asking it to be withdrawn. Mamta Banerjee called it a decision against the common people.
On the night of 8 November 2016, barely hours after #Demonetisation was announced, only @MamataOfficial got it spot on.
Five tweets calling out the draconian decision. (Take a look) #Black_Day_Indian_Economy pic.twitter.com/zpdmkFnZZM
– Derek O’Brien | Derek O’Brien (erederekobrienmp) November 8, 2021
On the other hand, Rajya Sabha MP Priyanka Chaturvedi from Shiv Sena party, calling it the sixth anniversary of the economic recession, expressed condolences to the countrymen and congratulated the BJP on Jashn-e-Bahara Day. While sharing a picture of an elderly person crying due to demonetisation, he called it a legally organized loot.
Regrets to all the countrymen on the 6th anniversary of demonetisation = economic recession.
Congratulations to the BJP government on Jashn-e-Bahara Day.
— Priyanka Chaturvedi????????? (@priyankac19) November 8, 2021
Communist Party of India (Marx) leader Sitaram Yechury said the informal sector was deeply hurt due to demonetisation, while black money remained unrecovered, getting richer and richer. Cash has reached record levels. Yechury said that the government should take responsibility at any cost to push the country into a trough for the whims of just one person.
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Record cash in the system after five years
Despite the increasing trend of digital payments, the circulation of currency notes in the country has reached a record level. According to the data released by the central bank RBI, on November 4, 2016, the currency in circulation was Rs 17.74 lakh crore, which increased to Rs 29.017 lakh crore on October 29, 2021. A year ago on 30 October 2020, currency worth Rs 26.88 lakh crore was in circulation. Due to Corona, the use of currency increased rapidly in the last financial year. In the financial year 2020-21, the number of currencies grew by 7.2 percent on a year-on-year basis and the value increased by 16.8 percent, whereas a year ago in the financial year 2019-20, the number of currencies grew by 6.6 percent and value by 14.7 percent.
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