Demonetisation an unmitigated disaster: Congress leader

Senior Congress leader Prithviraj Chavan on Monday said that the demonetisation announced by Prime Minister Narendra Modi on November 8 was an "unmitigated disaster".

"Every section of society, except the super-rich and those with black money, have suffered untold misery," the former Maharashtra Chief Minister and former Union Minister said.

"The government has not given a logical explanation as to why the Rs 2,000 note has been introduced. Rs 2,000 note is 15 per cent smaller than the old Rs 1,000 note. It's possible now to store Rs 2.2 crore in the same space as Rs 1 crore in old Rs 1,000 notes," Chavan said.

"There are reports that counterfeit notes have been dispensed from an ATM of a reputed bank. The gross domestic product growth will be adversely affected by as high as two per cent, according to some estimates. The informal sector and the rural economy have been badly hit," the Congress leader said.

He also said that while a probe has been initiated in Pakistan against its Prime Minister Nawaz Sharif in the Panama Papers case, the Centre is yet to take action against Indians whose names were revealed.

"No action has yet been taken on names revealed in the Panama Papers, while the Pakistan government has started prosecution of Prime Minister Nawaz Sharif. Why is there no action taken against political donations and funding of elections?" Chavan said.

The Congress leader said activities of separatists in Jammu and Kashmir are usually suspended during winters and it had nothing to do with demonetisation.

--IANS

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