On the second anniversary of demonetisation Thursday, the Congress led the charge in criticising the note ban exercise and found support in Delhi Chief Minister Arvind Kejriwal and his West Bengal counterpart Mamata Banerjee. Former prime minister Manmohan Singh said the “scars and wounds” caused by demonetisation were getting more visible with time, while former finance minister Chidambaram called the notes ban exercise a money laundering scheme.
On Monday, Congress leader Manish Tiwari demanded Prime Minister Narendra Modi’s apology to the country for “ruining and wrecking” the economy. Slamming the BJP government for attempting a “Tughlaqi” experiment, Congress spokesperson Manish Tiwari said, “The prime minister stood up two years ago on November 8 and addressed the nation, demonetising almost Rs 16.99 lakh crore in circulation.”
Meanwhile, the Reserve Bank of India (RBI) on Tuesday declined to reveal the cost incurred on shredding banned currency notes worth Rs 15,31,073 crore which returned to banks following note ban. To a query under the Right to Information (RTI) Act, the RBI said the process of destruction of banned notes got over in March 2018.
Demonetisation anniversary: Congress, BJP engage in slugfest. Here are the highlights. Read in Bangla, Malayalam
Rahul Gandhi calls demonetisation a self-inflicted, suicidal attack
Calling November 8, 2016, as a day of infamy, Congress chief Rahul Gandhi on Thursday said demonetisation was a self-inflicted, suicidal attack that destroyed millions of lives and ruined thousands of India's small businesses. "Two years ago, on this day, Prime Minister Modi unleashed the tyranny of demonetisation on the nation. At eight that night, he appeared on television to deliver a unilateral announcement, that we now know didn’t even have the support of his own economic advisors. With that one declaration of demonetisation, Mr Modi took 86% of India's currency out of circulation, bringing our economy to a grinding halt," a press statement issued by Gandhi said.
Demonetisation was a scheme to make black money white of PM's 'suit-boot' friends: Rahul Gandhi
Calling demonetisation a planned conspiracy, Congress chief Rahul Gandhi on Thursday said the "scam" was a scheme to make black money white of Prime Minister Narendra Modi's "suit-boot" friends. "There is nothing innocent in this scandal. Deriving any other meaning to this exercise would be an insult to the nation," he tweeted.
नोटबंदी सोच-समझ कर किया गया एक क्रूर षड्यंत्र था। यह घोटाला प्रधानमंत्री के सूट-बूट वाले मित्रों का काला-धन सफेद करने की एक धूर्त स्कीम थी।— Rahul Gandhi (@RahulGandhi) November 8, 2018
इस कांड में कुछ भी मासूम नहीं था| इसका कोई भी दूसरा अर्थ निकालना राष्ट्र की समझ का अपमान है|
One more crucial institution will fall from grace: Chidambaram says on govt, RBI tussle
Commenting on the tussle between the Centre and the RBI, Chidambaram accused the government of demanding Rs 1 lakh crore from the reserves of the central bank, saying it was trying to step up expenditure in an election year despite the fiscal deficit. "When the governor refused, the government took the extraordinary, unprecedented step of invoking Section 7 of the RBI Act," he said. Section 7 of the RBI Act gives the government the power to give instructions to RBI in public interest, after consulting the governor. "In such a situation, the RBI governor will have only two options — to act in line or resign. Either way, one more crucial institution will fall from grace," the Congress leader said.
Here is a quick recap of what happened on November 8, 2016
On November 8, 2016, PM Modi, in an unexpected move, announced the scrapping of the existing Rs 500 and Rs 1,000 notes with immediate effect. The sudden withdrawal of notes led to liquidity shortage, with long queues outside banks. It had also roiled the economy, with demand falling, businesses facing a crisis, and GDP growth declining close to 1.5 per cent. After demonetisation was announced, the government had allowed the exchange of Rs 500 and Rs 1,000 notes at all banks and RBI branches till December 30, 2016. Click here for the full report
Ashok Chavan on demonetisation: Ours is a cash economy, receipts are not available for all transactions
Senior Congress leader Ashok Chavan Thursday described demonetisation as the "biggest mistake of the Modi government" and claimed that it resulted in the slowdown of the economy and rise in unemployment. "Not all cash is black and not all black (money) is cash. Ours is a cash economy and receipts are not available for all transactions. It would be foolish to think that auto-rickshaw drivers, vegetable vendors, small shopkeepers and village markets deal in black money," Chavan said.
BJP no longer speaks of development, but only about Hindutva agenda: Chidambaram
Assailing the government over the demonetisation exercise, P Chidambaram further said over 100 people died standing in queues while GDP growth fell by 1.5 per cent as predicted by the Congress. "Consequences of demonetisation are catastrophic", he said. The Congress leader said the BJP no longer spoke of development but only of its Hindutva agenda, "It longer talks about 'achhe din' or growth and development. We only hear about the Hindutva agenda. The talking and writing are only about the divisive issues. People will take a decision when given an opportunity and the Karnataka bypolls were a testimony to the same," he said.
Chidambaram calls demonetisation a 'money laundering' scheme
Leading the Congress charge against demonetisation on its second anniversary, former finance minister Chidambaram called the notes ban exercise a money laundering scheme. The former Union minister further said that PM Narendra Modi's promise if "acchhe din" was in shambles as none of the objectives of demonetisation materialised. "GST collections, as well as direct tax collections, are short of estimate. The government will not be able to meet the fiscal deficit target of 3.3% for 2019," he said at a press conference.
Arun jaitley: Why does Congress defame India and mislead people?
Finance Minister Arun Jaitley holds a press conference. Defending demonetisation, he says, "Demonetisation boosted Indian economy. Why does Congress defame India and mislead people?
Demonetisation succeeded in destroying employment, markets: N Chandrababu Naidu
2 yrs after #DemonetisationDisaster, the country still hasn’t overcome the economic setback caused by hasty decisions of BJP govt. Implemented in the name of destroying black money, demonetization succeeded in destroying employment, markets, business, liquidity & economic growth.— N Chandrababu Naidu (@ncbn) November 8, 2018
Even 'ultimate goal' of increasing tax returns through demonetisation failed miserably: Congress
Once again @BJP4India & the Modi govt. resorts to cherry picking data in order to prove 'Modi-nomics' isn't a total disaster. Facts don't lie, even the so-called ultimate goal of increasing tax returns through demonetisation failed miserably. #DestructionByDemonetisation pic.twitter.com/SPHHJVzWST— Congress (@INCIndia) November 8, 2018
Modi singlehandedly destroyed economy, lives and livelihoods: Sitaram Yechury
Sitaram Yechury said, "They want you to forget that Rs 15 lakh for every Indian was promised by Modi. It was exactly five years ago. Those who got ₹1,50,000 lakhs are the ones who looted the banks and then were allowed to scoot from India."
Modi & his minions claimed demonetisation will end black money, finish corruption, terminate terrorism, and bring only digital transactions. Two years later, Modi is silent. The truth is that he singlehandedly destroyed the economy, lives and livelihoods. #DemonetisationDisaster— Sitaram Yechury (@SitaramYechury) November 8, 2018
The onus of everything that happened after demonetisation falls directly on PM: Anand Sharma
Scars from 2016 only getting more visible, says Manmohan Singh
On the second anniversary of demonetisation, former prime minister Manmohan Singh Thursday said the scars and wounds from 2016 are only getting more visible with time, adding that the consequences of the note ban are still unraveling. The Congress is holding nationwide protests Thursday, and has demanded an apology from Prime Minister Narendra Modi for “ruining and wrecking” the economy. Read More
Demonetisation was a self inflicted deep wound on Indian economy: Arvind Kejriwal
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 ?— Arvind Kejriwal (@ArvindKejriwal) November 8, 2018
Arun Jaitley talks about impacts of demonetisation
Union Finance Minister Arun Jaitley wrote a Facebook post describing the impacts of demonetisation. "Today we complete two years after demonetisation. Demonetisation is a key step in a chain of important decisions taken by the Government to formalise the economy. 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."
It's time for an investigation into the demonetisation scam: Randeep Surjewala
Time to fix PM Modi’s responsibility for the unmitigated suffering & pain.— Randeep Singh Surjewala (@rssurjewala) November 8, 2018
Time for accountability for the unpardonable blunder of Notebandi.
Time for an investigation into the Demonetisation Scam & loss to Economy.
Lest Not Forget! #DestructionByDemonetisation 3/3 pic.twitter.com/6zyxjBgVgx
Demonetisation disaster is biggest Scam of Independent India: Randeep Surjewala
‘Modi Made DeMo Disaster’ is Biggest Scam of Independent India.— Randeep Singh Surjewala (@rssurjewala) November 8, 2018
Scheme to covert ‘Black to White’
No ‘Black Money’ was found
No ‘Fake Currency’ was caught
No ‘Terror & Naxal’ financing curbed
120 people died.
Economy took a hit of ₹3 Lakh Crores
Lakh of Jobs lost!
People will never forget the ‘Modi Made Disaster of Demonetisation’!: Randeep Surjewala
People of India will neither forgive nor forget the ‘Modi Made Disaster of Demonetisation’!— Randeep Singh Surjewala (@rssurjewala) November 8, 2018
Having sunk the Economy, PM Modi remains unrepentant on Notebandi!
Two years on, people remember!
They will avenge their miseries by voting out BJP!
Notebandi impacted every single person of country: Manmohan Singh
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: Former PM (File pic) pic.twitter.com/QXrVkNSO3e— ANI (@ANI) November 8, 2018
The havoc demonetisation unleashed on Indian economy is now evident to everyone: Manmohan Singh
Today marks the 2nd anniversary of the ill-fated&ill-thought demonetisation exercise that the Narendra Modi govt undertook in 2016. The havoc that it unleashed on Indian economy & society is now evident to everyone: Former PM Manmohan Singh (File pic) pic.twitter.com/yP1bO0XsqA— ANI (@ANI) November 8, 2018
Mamata Banerjee holds demonetisation as "disaster"
West Bengal Chief Minister Mamata Banerjee Thursday said that demonetisation was a "disaster" for the country on its second anniversary. The chief minister said she had been describing it as a "dark day" since demonetisation was announced by Prime Minister Narendra Modi in 2016.
Watch | How demonetisation and GST hit MSMEs: News in numbers
Two years after note ban: A look at what has happened so far
Two years after demonetisation was announced on November 8, 2016, the issue is still being used by the Opposition to needle the BJP-ruled government after the move to wipe out “illegal money” failed to reach its desired objectives. The exercise had rendered 86 per cent of India’s currency invalid. On the second anniversary of demonetisation, the Congress has demanded an apology from Prime Minister Narendra Modi for “ruining” and “wrecking” the economy and has declared that party supporters will hold protests across the country Thursday. They suggested he could well address the nation at 8 pm much like he did two years ago. Read More
'99.3 per cent of junked Rs 500 and Rs 1,000 notes were returned to banks'
Gaud said he also did not get a reply to his query as to how many Rs 500 and Rs 1,000 notes were destroyed. The RBI had informed in August this year that as much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes returned to the banking system.
Currency worth Rs 15,41,793 crore in denominations of Rs 500, Rs1,000 was in circulation when demonetisation was announced
RTI said, Currency worth Rs 15,41,793 crore in denominations of Rs 500 and Rs 1,000 was in circulation when demonetisation was announced on November 8, 2016. In the time window offered for depositing the scrapped currency in banks, Rs 15,31,073 crore returned.
RBI said invalidated notes worth Rs 10,720 crore did not return to banks
In its reply dated October 29 to the query by Chandrashekhar Gaud, an RTI activist from Neemuch in Madhya Pradesh, the RBI said invalidated notes worth Rs 10,720 crore did not return to the banking system. The information was provided by the RBI's Department of Currency Management, PTI quoted Gaud as saying. The banned currency was destroyed through machines of the currency verification and processing system, it said.
RBI refuses to state how much destruction of banned notes cost: RTI
The RBI has declined to reveal the cost incurred on shredding banned currency notes worth Rs 15,31,073 crore which returned to banks following demonetisation, an RTI activist said, citing a response from the central bank.To a query under the Right to Information (RTI) Act, the Reserve Bank of India (RBI) said the process of destruction of banned notes got over in March 2018.
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