RBI report on demonetisation: Opposition slams PM Modi government, demands apology

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Published: August 31, 2017 8:50:33 AM

P Chidambaram questioned the Narendra Modi government whether its demonetisation decision was designed to convert black money into white.

Congress termed the move as ?disaster? and ?anti-national? and sought an apology from Prime Minister Narendra Modi for creating a state of disorder in the country and heaping misery on the people. (PTI)

Reserve Bank of India (RBI) on Wednesday released its annual report in which it revealed that nearly 99 per cent of the demonetised notes had come back to the banking system. Latching on to this report, the Opposition parties slammed the government over it’s to move to ban the currency of Rs 1,000 and Rs 500 notes saying that its claims of having curbed black money, terror funding and counterfeit currency had been ‘exposed’. Congress termed the move as ‘disaster’ and ‘anti-national’ and sought an apology from Prime Minister Narendra Modi for creating a state of disorder in the country and heaping misery on the people, reported The Indian Express.

Congress vice-president Rahul Gandhi, took to Twitter and said: “A colossal failure which cost innocent lives and ruined the economy. Will the PM own up?” He used the hashtag #DemonetisationDisaster in his tweet.

The former finance minister P Chidambaram questioned the Narendra Modi government whether its demonetisation decision was designed to convert black money into white, reported PTI. In a series of tweets, he said, “99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white? RBI ‘gained’ Rs 16,000 crore, but ‘lost’ Rs 21,000 crore in printing new notes! The economists deserve Nobel Prize. Rs 16,000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which ‘recommended’ demonetisation.”

The Trinamool Congress supremo and West Bengal CM, Mamata Banerjee called demonetisation ‘a flop show’. She was quoted by the Indian Express as saying, “Is not the RBI’s revelation this evening on demonetisation pointing to a big scam?… Due to this ‘Notebandi’, the Nation has lost Rs 3 lakh crore of GDP in the fourth quarter alone. Demonetisation was supposedly done to uncover several lakhs of crores of black money. And now what we have got is a big big zero!”

The CPM general secretary, Sitaram Yechury also lashed out at the government and said hundreds of people died in queues trying to exchange the scrapped notes. He said, “India can never forgive the Narendra Modi government for this anti-national act. The boasts of black money, terror and counterfeit currency ending, have all fallen flat.” Samajwadi Party MP Surendra Nagar said that the RBI data shows that the government have totally failed in its stated objectives behind the decision.

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