Anniversary of Demonetization: Congress Demands White Paper from Modi Government

GG News Bureau

New Delhi, 8th Nov. The Congress claimed on Tuesday that demonetisation was independent India’s “greatest organized loot,” and demanded a white paper on the 2016 move from the Modi government.

Addressing a press conference at the AICC headquarters on the sixth anniversary of demonetisation, Congress leader Gourav Vallabh said Prime Minister Modi surprised everyone by declaring that currency notes of Rs 500 and Rs 1,000 would be phased out on this day in 2016, and the decision triggered “panic, creating unspeakable problems linked to cash and destroying countless small and medium businesses.”

Vallabh claimed that it has been six years since independent India’s “greatest organized loot,” accusing the government of destroying the economy through demonetisation.

He stated that cash in circulation today is Rs 30.88 lakh crore, up from Rs 17.97 lakh crore in November 2016.

“One of the stated objectives of the demonetisation was to promote digital transactions as the government felt too much cash was in circulation. The sharp jump in cash has clearly exploded that objective of the government — sending it the way of its other goals like fighting corruption, weeding out fake notes and curbing terror funding,” Vallabh said.

Black money didn’t come, only poverty came and the economy became weaker, not cashless, he alleged.

“Small businesses and crores of jobs were finished off, not terrorism,” he said.

“The emperor demolished India’s economy by giving the people illusions of a better outcome in 50 days,” Vallabh said.

He stated that the Congress requires a white paper on demonetisation.

“The prime minister is yet to acknowledge this epic failure that led to the fall of the economy. He must acknowledge that,” Vallabh said.

He stated that the government must share its plans for the unorganized sector and MSMEs, which have suffered the most as a result of this exercise.

The Congress, according to Vallabh, also wants an employment plan because “we can’t convert demographic dividend to demographic disaster.”

Prime Minister Modi announced the withdrawal of Rs 500 and Rs 1,000 denomination notes on November 8, 2016, with the ultimate goal of reducing corruption and black money in the economy.