Demonetisation ‘epic failure’ led to fall of economy: Kharge


New Delhi: Congress president Mallikarjun Kharge on Monday attacked the central government’s 2016 decision to demonetise high-value currency notes, calling it an “epic failure” that “led to the downfall of the economy”.

The newly elected president’s remarks on Twitter were in reference to a media report that the retail currency had jumped to a new high of Rs 30.88 lakh crore since October 21. The statement was made a day before the sixth anniversary of demonetisation. Announced on November 8, 2016.

“Demonetisation was promised to rid the country of black money. But it destroyed businesses and destroyed jobs. Six years after the ‘master stroke’, publicly available cash is 72% higher than in 2016,” Kharge said in a tweet.

“The Prime Minister is yet to acknowledge this epic failure that led to the downfall of the economy,” the Congress president said.

Public cash at record high: Report

THE report A statement issued by the Reserve Bank of India last week showed that retail currency rose to Rs 30.88 lakh crore as on October 21. Central bank data for Reserve Money put Rs 17.7 crore in circulation on November 4. 2016

Retail currency refers to banknotes and coins that people use to conduct transactions, settle trades, and buy goods and services. The number is obtained after deducting the bank cash from the money in circulation.

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