The so-called surgical strike by the BJP on black money, announced on the night of November 8th 2016, by Prime Minister Narendra Modi to nullify more than 80% of the circulating currency of Rs 500 and Rs. 1000 notes was an utter failure. The annual report on demonetisation is out and the RBI report clearly proves all the claims of the ruling regime as false.
- After 2 yrs, the RBI states that about 99.3% of the notes sucked out of circulation then has been returned to banks. The government had predicted that Rs 3 lakh crore in currency would not return to the banks.
- The Reserve Bank also reports a huge jump in fake Rs 2,000 notes, which were introduced after demonetisation. The government had actually stated that there was Rs 400 crore in fake currency notes floating in the economy, which will be eradicated after demonetisation.
- The claim that demonetisation will lead to the advent of cashless economy is also totally proved wrong by the report which states that the amount of cash at present with the public is a record high
This failure has been at the expense of the poorest who have suffered untold misery due to the ill-thought out/conceived idea of demonetisation. Hundreds lost their lives, thousands were rendered jobless and vulnerable sections never recovered. But the government continues to argue that it was a success.