PM yet to acknowledge 'epic failure' of demonetisation move: Kharge

PM is yet to acknowledge this "epic failure" that led to the "fall of the economy", Congress president Mallikarjun Kharge attacked Prime Minister Narendra Modi

Updated - November 07, 2022 01:16 pm IST

Published - November 07, 2022 11:11 am IST - New Delhi

Mallikarjun Kharge.

Mallikarjun Kharge. | Photo Credit: Reuters

Congress president Mallikarjun Kharge attacked Prime Minister Narendra Modi on Monday over his government's 2016 demonetisation move, saying the PM is yet to acknowledge this "epic failure" that led to the "fall of the economy".

Mr. Kharge's remarks, a day before demonetisation's sixth anniversary, came over a media report which said that the currency with the public has jumped to a new high of ₹30.88 lakh crore as of October 21.

"Demonetisation was promised to free the country of black money. But it destroyed businesses and ruined jobs. 6 years after the 'masterstroke' the cash available in public is 72% higher than that in 2016," Mr. Kharge said in a tweet.

Also Read | Demonetisation: now a proven failure?

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

According to the fortnightly data on money supply released by the RBI on Friday, the currency with the public increased to ₹30.88 lakh crore as on October 21. The central bank data for Reserve Money had put the currency in circulation at ₹17.7 lakh crore on November 4, 2016.

Also Read | The case of demonetisation in India

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. 

On November 8, 2016, Prime Minister Modi had announced the decision to withdraw ₹500 and ₹1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.