Five years of demonetsisation: Prime Minister Narendra Modi, in an unprecedented televised address, announced that Rs 500 and Rs 1,000 notes will no longer be legal tender.
New Delhi: The opposition on Sunday sharpened its attack at the Centre on the fifth anniversary of demonetisation exercise.
On November 8, 2016, Prime Minister Narendra Modi, in an unprecedented televised address, announced that Rs 500 and Rs 1,000 high-value currency notes will no longer be a legal tender.
Following the Centre’s sudden move, people had to stand in long queues outside ATMs and banks as they scrambled to withdraw new notes and exchange the old ones.
Hitting out at the government, Congress general secretary Priyanka Gandhi wrote in Hindi, “If demonetisation was successful then why hasn’t corruption ended? Why didn’t the black money come back? Why there is no cashless economy? Why terrorism hasn’t been wiped out? Why is inflation not controlled?”
Senior Congress leader Shashi Tharoor described the demonetisation exercise an “ill-thought out and poorly implemented decision”.
“Five years ago today, an impulsively-conceived, ill-thought out, poorly implemented decision knocked the bottom out of our economy. It’s time to demand accountability,” he tweeted.
CPI(M) general secretary Sitaram Yechury also questioned the move and alleged that it “decimated the informal sector”.
“Economy into a tailspin, the poorest hurt. Informal sector decimated. No black money recovered, but rich got richer. Cash in the economy is the highest ever now! This govt must bear responsibility for pushing India downhill, just for one man’s whim,” he said in a tweet.