India

Kharge: PM has not acknowledged the ‘epic failure’ of demonetisation

On Monday, Mallikarjun Kharge attacked Prime Minister Narendra Modi over his government’s 2016 demonetisation initiative, claiming the PM has yet to acknowledge the “epic failure” that led to the “fall of the economy”.

According to a media report published a day before demonetisation’s sixth anniversary, the currency with the public has reached a new high of Rs 30.88 lakh crore.

It was promised that demonetization would free the country of black money. However, it destroyed businesses and jobs. According to Kharge, six years after the ‘masterstroke’, the cash available to the public is 72% higher than in 2016.

The Prime Minister has not acknowledged this failure despite the economy’s fall.

The RBI released fortnightly data on money supply on Friday, indicating that the amount of currency in circulation with the public had increased to Rs 30.88 lakh crore as of October 21. On November 4, 2016, the central bank data for Reserve Money indicated that the currency in circulation was Rs 17.7 lakh crore.

People use currency with the public to transact, settle trades, and purchase goods and services. After deducting cash held in banks from the money in circulation, the figure is calculated.

A decision was made by Prime Minister Modi on November 8, 2016, to withdraw the Rs 500 and Rs 1,000 denomination notes to combat corruption and black money.

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