PM yet to acknowledge the epic failure of demonetisation move: Kharge

Congress president Mallikarjun Kharge attacked Prime Minister Narendra Modi on Monday (November 7) over his government’s 2016 demonetisation move, saying the PM is yet to acknowledge this “epic failure” that led to the “fall of the economy”.

Kharge’s remarks, a day before demonetisation’s sixth anniversary, came over a media report which said that the currency with the public has jumped to a new high of ₹30.88 lakh crore as of October 21.

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“Demonetisation was promised to free the country of black money. But it destroyed businesses and ruined jobs. Six years after the masterstroke, the cash available in public is 72 per cent higher than that in 2016,” Kharge said in a tweet.

Demonetization was promised to free the country of black money. But it destroyed businesses and ruined jobs.
6 years after the ‘masterstroke’ the cash available in public is 72% higher than that in 2016.

PM is yet to acknowledge this epic failure that led to fall of economy. pic.twitter.com/wsd1j062EF

— Mallikarjun Kharge (@kharge) November 7, 2022

“PM is yet to acknowledge this epic failure that led to fall of economy,” the Congress president said.

Later, in a tweet in Hindi, Congress leader Rahul Gandhi said black money did not come, only poverty came and the economy did not become cashless, it was weakened.

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In demonetisation, the “king” did “DeMo-lition” of the economy by talking about “50 days”, he said.

According to the fortnightly data on money supply released by the RBI on Friday, the currency with the public increased to ₹30.88 lakh crore as on October 21. The central bank data for Reserve Money had put the currency in circulation at ₹17.7 lakh crore on November 4, 2016.

Currency with the public refers to notes and coins used by people to transact, settle trades and for buying goods and services. The figure is arrived at after deducting cash with banks from the currency in circulation.

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On November 8, 2016, Prime Minister Modi had announced the decision to withdraw ₹500 and ₹1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.

(With inputs from agencies)