demonetisation: PM Narendra Modi yet to acknowledge ‘epic failure’ of demonetisation move: Kharge

Congress President Mallikarjun Kharge attacked Prime Minister Narendra Modi on Monday for demonizing his government in 2016, saying the prime minister has yet to acknowledge this “epic failure” that has led to the “decline of the economy”. Kharge’s comments, a day before the sixth anniversary of the demonstration, came amid a media report saying the currency had risen to a new high of Rs 30.88 lakhcrore with the public on October 21.

“Demonetization was promised to rid the country of black money. But it has destroyed businesses and ruined jobs. 6 years after the ‘masterpiece’, publicly available cash is 72% higher than 2016,” Kharge said in a tweet.

“PM has yet to acknowledge this epic failure that has led to the downfall of the economy,” said the Congress President.

The currency rose with the public to 30.88 lakh crore on Oct. 21, according to two-week money supply data released by the RBI on Friday. 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 banknotes and coins used by people to conduct business, transact business, and purchase goods and services. The number is calculated after deducting bank balances from cash in circulation.

On November 8, 2016, Prime Minister Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes, ultimately to reduce corruption and black money in the economy. demonetisation: PM Narendra Modi yet to acknowledge ‘epic failure’ of demonetisation move: Kharge

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