#DemonetisationDisaster: Black money is here, a new black day is also here

Photo credits: Nitesh Kumar

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.

Main Objectives: 

  • 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.

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.

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.

 

On the other hand, BJP’s official twitter account has been countering the accusations and has been tweeting with the #CorruptCongressFearsDemo as a counter.