On second anniversary of demonetisation, Finance Minister Arun Jaitley says the aim not to confiscate cash but to get it into formal economy even as the opposition is leaving no stone unturned to keep the pressure on the government on the note ban. In a Facebook post, he described Prime Minister Narendra Modi's overnight ban on higher currency notes on November 8, 2016, as a "key step in a chain of important decisions taken by the government to formalize the economy". Calling it a "black day", the Congress said Prime Minister Narendra Modi should apologise to the nation for destroying the economy.
On November 8, 2016, PM Modi had made the controversial announcement during a televised speech delivered at 8:15 pm, scrapping existing Rs. 500 and Rs. 1,000 notes with immediate effect. He said the objective of the exercise was to curtail black money and reduce the part played by counterfeit currency in funding terrorism and other illegal activities.
Here are the highlights of Demonetisation Anniversary:
Congress president Rahul Gandhi, on the second anniversary of notes ban today, has called demonetisation not just an ill-conceived and poorly executed economic policy with "innocent intent, but a carefully planned, criminal financial scam".
West Bengal Chief Minister Mamata Banerjee on Thursday alleged that the notes ban move was initiated for the benefit of a handful of people, saying the common people were the worst sufferers.
- Over 100 people died standing in queues, GDP growth fell by 1.5% as predicted by the Congress party.
- The government no longer talks of Achhe Din. The only talk we hear is of Hindutva
- Promise of Achhe Din lies in a shambles, PM Modi himself has resurrected divisive issues. I have no doubt people of the country have taken note and will respond.
- We thank the people of Karnataka for their resounding vote of success.
- Finance Minister Arun Jaitley says, "What happened to the Prophets of Doom who predicted a 2% hit to the GDP? For the fifth year running, for the first time in its history India has been the fastest growing large economy."
- When government took over, number of people filing tax returns was only 3.8 crore. Taxpayers were paying for tax evaders. Hence there was a need to formalise the economy."
- Anonymous cash currency was floating around. Deposits forced by demonetization ended this anonymity.
#Demonetisation was not a boon but a bane to crores of Indians. It was a decision taken in haste for political & selfish reasons than social & economic benefits. MSMEs were permanently closed helping big cronies to expand their market base. #DestructionByDemonetisation- Siddaramaiah (@siddaramaiah) November 8, 2018
Hundreds died, millions suffered, marriages broke, patients died, children dropped out of schools, businesses closed, people skipped meal, old people walked miles, people lost jobs, farmers were crushed, tears of agony were common. #DestructionByDemonetisation- Siddaramaiah (@siddaramaiah) November 8, 2018
FM says "Confiscation of currency was not an objective of demonetisation". Will someone please remind him of what he told the media and what the AG told the Supreme Court?- P. Chidambaram (@PChidambaram_IN) November 8, 2018
- 11 crore people were forced to queue up outside after demonetisation
- Demonetisation hurt poor people the most - farmers, and the general public
- 1, 34,000 bank branches in the country
People were brought on streets with their money declared illegal. Indians stood in endless lines & many died outside banks, millions of jobs were lost, small industries shut & the economy hit irreversibly. #DestructionByDemonetisation is a one man made disaster for India. pic.twitter.com/MVubuh6Cgt- M.K.Stalin (@mkstalin) November 8, 2018
- SHARAD YADAV (@SharadYadavMP) November 8, 2018
#DestructionByDemonetisation Now every citizen has understood that it was not an historical blunder which has ruined every house but it was a decision to benefit only few capitalists friends of BJP. Virtually this Govt has inter-alia finished d businesses & increased unemployment
Though the list of financial scams of Modi govt is endless, demonetisation was a self inflicted deep wound on Indian economy which even two years later remains a mystery why the country was pushed into such a disaster ?- Arvind Kejriwal (@ArvindKejriwal) November 8, 2018
Modi & his minions claimed demonetisation will end black money, finish corruption, terminate terrorism, and bring only digital transactions. Two years later, Modi is silent. The truth is that he singlehandedly destroyed the economy, lives and livelihoods. #DemonetisationDisaster- Sitaram Yechury (@SitaramYechury) November 8, 2018
Former PM Dr. Manmohan Singh's Press Statement on two years of Demonetisation & the devastating impact it had & continues to have on the Indian economy. #DestructionByDemonetisationpic.twitter.com/4d4JE8bdhY- Congress (@INCIndia) November 8, 2018