Tuesday, November 29, 2022

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Demonetisation ‘epic failure’ led to fall of economy: Mallikarjun Kharge

New Delhi: Congress President Mallikarjun Kharge on Monday attacked the central government’s 2016 decision to demonetise high-value currency notes and termed it as an ‘epic failure’ that ‘led to fall of economy’.

The newly-elected president’s remarks on Twitter citied a media report which said that the currency with the public has jumped to a new high of Rs 30.88 lakh crore as of October 21. The statement came a day before the sixth anniversary of demonetisation, which was announced on 8th November 2016.

“Demonetization was promised to free the country of black money. But it destroyed businesses and ruined jobs. Six years after the ‘masterstroke’ the cash available in public is 72% higher than that in 2016,” Kharge said in a tweet.

“PM is yet to acknowledge this epic failure that led to fall of economy,” the Congress president said.

Cash with public at record high: Report

A report by Reserve Bank of India, released last week, showed that the currency with the public increased to Rs 30.88 lakh crore as on October 21. The central bank data for Reserve Money had put the currency in circulation at Rs 17.7 lakh crore on November 4, 2016.

Currency with the public refers to notes and coins used by people to transact, settle trades, and for buying goods and services. The figure is arrived at after deducting cash with banks from the currency in circulation.

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