By Prakash S
It’s been two years since the demonetisation drive launched by the central government on November 8, 2016. Prime Minister Narendra Modi, when he addressed the press,/the highlighted three main objectives of the drive.
- To drive out corruption and black money.
- To end the circulation of fake currency and
- To end terrorist financing
The move which was celebrated widely when it was launched started to face criticism soon after due to the poor execution and disruptions created by the move.
A year later, RBI’s annual report stated that as much as Rs.15.28 lakh crore of the high-value currency that was demonetized in November returned to the central bank which left just Rs.10,720 crores out of the circle.
In the second anniversary of the demonetisation drive, the opposition parties have launched scathing attacks on the government with statistics which enlists the damages done by the drive and have called this day as black day for the country.
— Shashi Tharoor (@ShashiTharoor) November 8, 2018
The drive had caused disruptions in unorganized sector lead to millions losing their job, people died standing in ATM queues and large scale logistics issues.
The Reserve Bank of India annual report showed that *99.3% of the demonetised notes have been returned to the banks.* This figure indicates that demonetisation FAILED to wipe out ANY black money!! #DestructionByDemonetisation pic.twitter.com/hVqn5IqcR5
— Daman And Diu Pradesh Mahila Congress (@DamanAndDiuPMC) November 8, 2018
Former Prime Minster Manmohan Singh had earlier remarked that the move was a monumental mismanagement. The ruling party often mentioned that the benefits of the move will come in the long run to which the former PM quoted keynes by saying “In the long run we are all dead.” Today, he has given a statement on the same.
Former PM Dr. Manmohan Singh's Press Statement on two years of Demonetisation & the devastating impact it had & continues to have on the Indian economy. #DestructionByDemonetisation pic.twitter.com/4d4JE8bdhY
— Congress (@INCIndia) November 8, 2018
On the other hand, BJP’s official twitter account has been countering the accusations and has been tweeting with the #CorruptCongressFearsDemo as a counter.