Mallikarjun Kharge says PM Modi hasn’t acknowledged the ‘epic failure’ of demonetisation. He attacked Modi’s government on Monday over the 2016 demonetisation move, saying he has yet to acknowledge the failure, which led to the “fall of the economy.”
An article in the media reported that the currency with the public has surged to a new high of Rs 30.88 lakh crore as of October 21 when Kharge made his remarks.
It was promised that demonetisation would free the country of black money, but it destroyed businesses and destroyed jobs. Six years after the ‘masterstroke,’ cash is 72% higher than it was in 2016,” Kharge tweeted.
Congress president said PM has not acknowledged this epic failure that led to economy’s downfall.
On Friday, the RBI released its fortnightly report on money supply, which showed that the currency held by the public reached Rs 30.88 lakh crore as of October 21. Based on data from the central bank, the currency in circulation on November 4, 2016 was Rs 17.7 lakh crore.
In the public domain, currency refers to notes and coins that are used for transacting, settling trades, and buying goods and services. In order to arrive at the figure, cash in banks is deducted from the currency in circulation. With the aim of reducing corruption and black money in the economy, Prime Minister Modi announced the withdrawal of Rs 500 and Rs 1,000 denomination notes on November 8, 2016.