Demonetisation anniversary LIVE Updates: Manmohan Singh says wounds getting more visible with time, Arun Jaitley defends move

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New Delhi | Updated:Nov 08, 2018 1:57:17 pm

Demonetisation anniversary LIVE Updates: The Congress will hold a nationwide protest demanding Prime Minister Narendra Modi’s apology to the country for “ruining and wrecking” the economy on the second anniversary of demonetisation.

Demonetisation anniversary, Demonetisation anniversary live, Demonetisation anniversary live updates, Demonetisation anniversary portests, Demonetisation anniversary congress, narendra modi, congress, modi, Demonetisation in India, Demonetisation anniversary, India Banknote Demonetisation, India Demonetisation, 8th November, india newsOn November 8, 2016, PM Modi had discontinued the Rs 500 and Rs 1,000 notes with immediate effect.

Demonetisation anniversary LIVE Updates: The Congress will hold a nationwide protest demanding Prime Minister Narendra Modi’s apology to the country for “ruining and wrecking” the economy on the second anniversary of demonetisation. Congress spokesperson Manish Tewari slammed the government for attempting a “Tughlaqi” experiment and said that the prime minister stood two years ago on November 8 and addressed the nation, demonetising almost currency worth Rs 16.99 lakh crore in circulation.

“The three reasons given for demonetisation were that it would curb black money, weed out fake notes and proscribe terror financing, but two years later none of those objectives have materialised,” Tiwari said. He added that there is more cash in circulation today than it was two years ago when Modi announced demonetisation.

CATCH UPDATES in HINDI | Demonetisation anniversary LIVE 

On November 8, 2016, PM Modi had discontinued the Rs 500 and Rs 1,000 notes with immediate effect during a televised speech. The move had led to chaos in the country as the sudden withdrawal of notes led to a liquidity shortage, with long queues outside banks.

Live Blog

Demonetisation anniversary LIVE: Congress protest updates here -

13:57 (IST)08 Nov 2018
'Demonetisation helped the system'

The Finance Minister said that because of the demonetisation people started investing their money in mutual funds which were later used in a more productive manner. He said it helped the entire system to grow.

13:52 (IST)08 Nov 2018
Arun Jaitley addresses media

Finance Minister Arun Jaitley is addressing the media on demonetisation. He says there was a need to formalise the Indian economy. He added that the first step in this direction was the black money law.

13:19 (IST)08 Nov 2018
Anand Sharma blasts PM Modi

Congress leader Anand Sharma says the onus of whatever happened in India after deomentisation falls directly on PM Modi. "On this day two years ago, the PM had taken a wrong and insensitive decision. Whatever happened in the country after that, the onus of all of that falls directly on the Prime Minister," Sharma added.

12:26 (IST)08 Nov 2018
Kaushik Basu doubles down; slams demonetisation yet again

Former Chief Economic Advisor Kaushik Basu has reiterated his opinion slamming Narendra Modi's demonetisation on the second anniversary of the noteban. Demonetisation was disastrous for the middle and lower middle classes, Kaushik Basu tweeted on Thursday, pointing to his OpEd published in New York Times back in 2016, just after the noteban.

12:15 (IST)08 Nov 2018
99% of demonetised notes back with RBI

In its annual report for 2017-18 on August 29, 2018, RBI said that nearly all the money that was withdrawn returned to the banking system. The RBI said it had received Rs 15.31 lakh crore of Rs 500 and Rs 1,000 notes, or 99.3 per cent of the Rs 15.417 lakh crore worth of notes which were in circulation as on November 8, 2016.

11:43 (IST)08 Nov 2018
Congress wants PM to take responsibility

Congress spokesperson Randeep Surjewala, in a tweet, said that it is time to fix PM Modi’s responsibility for the unmitigated suffering & pain.

11:31 (IST)08 Nov 2018
Arvind Kejriwal slams Modi government

The Delhi chief minister tweeted that demonetisation was a self inflicted deep wound on Indian economy. "Though the list of financial scams of Modi govt is endless, demonetisation was a self inflicted deep wound on Indian economy which even two years later remains a mystery why the country was pushed into such a disaster?" he tweeted.

11:16 (IST)08 Nov 2018
'Demonetisation unleashed havoc on Indian economy'

Former prime minister Manmohan Singh says that the havoc demonetisation unleashed on Indian economy is now evident. "Notebandi impacted every single person,regardless of age,gender,religion,occupation or creed. It's often said that time is a great healer. But unfortunately,in case of demonetisation, the scars&wounds of demonetisation are only getting more visible with time," he added.

11:14 (IST)08 Nov 2018
60% Indians say black money is back to full scale

A whopping 60% Indians believe that black money in the country has not died despite demonetisation; in fact, its circulation is going to only increase before the 2019 General Elections, a survey by LocalCircles showed.

READ | 2 years of demonetisation: 60% Indians say black money is back to full scale

11:13 (IST)08 Nov 2018
Arun Jaitley on effect on digitisation

The Finance Minister wrote that UPI was launched in 2016 involving real time payments between two sets of mobile holders. He added that its transactions have grown from Rs 0.5 billion in October, 2016 to Rs 598 billion in September, 2018. He added that BHIM App is being used by 1.25 crore people and the transactions through it have gone up from Rs. 0.02 billion in September, 2016 to Rs. 70.6 billion in September, 2018.

"The RUPAY Card is used both at the Point of Sale (PoS) and for e-commerce. Its transactions have increased from Rs. 8 billion before demonitisation to Rs. 57.3 billion in September, 2018 for PoS and from Rs. 3 billion to Rs. 27 billion in e-commerce," he added.

11:10 (IST)08 Nov 2018
'India was a cash dominated economy'

Jaitley wrote that India was a cash dominated economy. He said that cash involves anonymity in transactions, bypasses the banking system and enables its possessors to evade tax. Jaitley said that demonetisation compelled holders of cash to deposit the same in the banks.

"The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method. The violators faced punitive actions. Larger deposits in banks improved lending capacity for the banks. A lot of this money was diverted to the Mutual Funds for further investments. It became a part of the formal system," he wrote.

11:09 (IST)08 Nov 2018
Arun Jaitley says demonetisation was a key decision

Finance Minister Arun Jaitley in a blog, has said that demonetisation was a key step in a chain of decisions taken by the Government to formalise the economy. He said the government first targeted the black money outside India. "Asset holders were asked to bring this money back on payment of penal tax. Those who failed to do so are being prosecuted under the Black Money Act. Details of all accounts and assets abroad which have reached the Government, resulted in action against the violators," he wrote, while adding that technology has been used for both direct and indirect taxes to facilitate filing of returns and expanding the tax base.

11:04 (IST)08 Nov 2018
Mamata holds demonetisation as "disaster"

West Bengal Chief Minister Mamata Banerjee Thursday said that demonetisation was a "disaster" for the country on its second anniversary. "#DarkDay Today is the second anniversary of #DeMonetisation disaster. From the moment it was announced I said so," Banerjee tweeted.

11:01 (IST)08 Nov 2018
What RBI did

The central government and the RBI had issued 74 notifications during its execution period of 50 days that included several rollbacks. Earlier, the government had allowed a withdrawal of only Rs 2,000 per day per card (via ATMs) and over-the-counter exchange of Rs 4,000 per day per account. However, this was increased to Rs 2,500 and Rs 4,500 respectively on November 13.

11:00 (IST)08 Nov 2018
Demonetisation Impact

The sudden withdrawal of notes led to liquidity shortage, with long queues outside banks. The GDP of the country went down by 1.5 per cent. Many units were hit hard with many reporting huge losses even after nine months. About 115 people reportedly died standing in queues to withdraw money from their bank accounts.

The government had allowed people to exchange their old currency notes at banks and RBI branches till December 30. In a move to curb black money, the RBI had also introduced new Rs 500 and Rs 2,000 notes in place of the notes withdrawn from the system, but the pace of remonetisation was slow, and about 115 people had reportedly died while standing in queues to withdraw money. Last year, the Congress had marked the first anniversary of demonetisation as a “black day” against the NDA government. The BJP-led government, meanwhile, had celebrated November 8 as “anti-black money day”. Thousands of Congress workers had held a protest at Azad Maidan in south Mumbai.