Six Years Of Demonetisation: Congress Terms It Organised Loot, Legalised Plunder

On the sixth anniversary of demonetisation, the Congress slammed the central government dubbing it as “six years of organised loot and legalised plunder”.

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By: Anand Singh | NEW DELHI
Updated: 09 November, 2022 2:03 am IST
There were long queues at banks and ATMs across the country for months (Photo Courtesy Twitter @MayukhDuke)

On the sixth anniversary of demonetisation, the Congress slammed the central government dubbing it as “six years of organised loot and legalised plunder”.

Blaming the ruling Bharatiya Janata Party (BJP) for the trouble that the common man had to endure because of it, Congress said that none of the claims of Prime Minister Narendra Modi has been fulfilled.

On November 8, 2016, PM Modi, in his address to the nation, announced that the currency notes of ₹500 and ₹1,000 will be scrapped. Following the announcement, there were long queues at banks and ATMs across the country for months.

Slamming the BJP government, newly appointed Congress president Mallikarjun Kharge in a series of tweets said, “6 years of ‘Organised Loot and Legalised Plunder’. Tribute to those 150 people who lost their lives due to the demonetisation disaster. As we observe 6 years of this epic failure, it is important to remind the PM about the ill-conceived calamity which he thrust upon the nation.”

Taking a potshot at the BJP-led government, Kharge said, “India’s Growth plunged, crores of jobs lost, small businesses destroyed, savings extinguished, poor suffered the most. PM wanted 50 days… nation has given him 6 years. But, none of the demonetisation claims has been realised. Instead, people are still suffering.”

Kharge further said that PM Modi’s government claimed in the Supreme Court that ₹3 to ₹4 lakh crore of demonetised currency will not return to the system and that this black money shall be wiped off. “Reality: 99.3% of the demonetised currency was back in the system. Black Money thrives under PM Modi !!” he said.

The Congress president said that the Modi government claimed that demonetisation shall eradicate fake currency in the system. “Reality: Even last year, there was an overall increase of 10.7% in fake currency! Huge influx of fake currency of ₹500 notes and ₹2000 notes – both newly introduced after demonetisation,” Kharge claimed.

The octogenarian leader also targeted the government saying, “Remember, the hundreds of goalposts which the Modi government kept shifting to justify this act?… And then they came with a fresh one – “Cashless Economy”. Reality: Cash available in public is 72 per cent higher than that in 2016. Surveys reveal 76 per cent of people still prefer cash!”

“Modi government’s demonetisation was the biggest destroyer of livelihoods and small businesses! Crores of jobs were lost. The entire unorganised sector suffered. People saving money for rainy days suffered. Demonetisation killed aspirations and plunged India’s growth,” he said in another tweet.

“Will you ever apologise for this epic disaster? Will you ever pay tribute to those 150 who lost their lives in bank queues or medical emergencies, and provide solace to their families? Would you ever understand the pain that Demonetisation inflicted on our people?” Kharge added.

Former Congress chief Rahul Gandhi, who has been a vocal critic of demonetisation, also targeted the government. “Demonetisation was a deliberate move by ‘PayPM’ to ensure 2-3 of his billionaire friends monopolise India’s economy by finishing small & medium businesses,” he tweeted.

Even Congress leader Gourav Vallabh attacked the BJP and demanded a white paper on the benefits of demonetisation. Vallabh said that it has been six years of independent India’s greatest organised loot.

He said that the government claimed the volatile objectives of the demonetisation and said that on the front of fighting corruption, India’s corruption rank is 85 in 2021 which was 79 in 2016.

Vallabh said that the government through demonetisation talked of weeding out fake notes. “However, counterfeit notes recorded a 10.7 per cent uptick in 2021-22, with the ₹500 denomination fake notes rising by 102 per cent. Fake notes of ₹2,000 increased by 55 per cent in 2021-22 over the previous fiscal year, according to the Reserve Bank of India’s (RBI) annual report,” he said.

Vallabh also said that even the cross-border terrorism did not stop, while it was claimed that demonetisation was a masterstroke to curb terror activities.

The Congress leader said that cash in circulation today is ₹30.88 lakh crore while it was merely ₹17.97 lakh crore in November 2016.

“One of the stated objectives of the demonetization was to promote digital transactions as the government felt too much cash was in circulation. The sharp jump in cash has exploded that objective of the government, sending it the way of its other goals like fighting corruption, weeding out fake notes and curbing terror funding,” Vallabh said.

Slamming the BJP, the Congress leader highlighted the failure of demonetisation and said that black money didn’t come, only poverty came, the economy became weaker and not cashless, and small businesses and crores of jobs were finished off but not terrorism.

Vallabh demanded the government issue a white paper on demonetisation and asked the Prime Minister to acknowledge this epic failure that led to the fall of the economy.

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