Demonetisation failed to meet its objectives: Cong leader Adhir Chowdhury

Congress leader Adhir Ranjan Chowdhury criticised the government's November 2016 decision to demonetise high-value currency notes, claiming the move did not meet its goals as fake currency has gone up

Congress leader Adhir Ranjan Chowdhury on Friday criticised the government's November 2016 decision to demonetise high-value currency notes, claiming the move did not meet the desired goals as cash in circulation and fake currency have gone up.

The comment made in the Lok Sabha was vehemently countered by the BJP's Nishikant Dubey who said the Reserve Bank of India took the "big step" to eliminate corruption and terror financing which were "rampant" under the Congress rule.

Raising the issue during the Zero Hour in the Lok Sabha, Chowdhury said cash in circulation increased from Rs 18 lakh crore in 2016 to Rs 31 lakh crore currently. Also, fake currency and deposits in Swiss banks have increased, he claimed.

"The health of the economy is in a bad shape because of demonetisation. Demonetisation was launched with the objective of bringing back black money and stopping fake currency and terrorism. But none of the objectives of demonetisation has been fulfilled," Chowdhury said.

Dubey countered Chowdhury saying RBI decided to go ahead with demonetisation to end the menace of terrorism, black money and fake currency. He also alleged that the Congress sides with the "tukde tukde gang" those involved in corruption.

On November 9, 2016, India demonetised the then prevailing high-value currency notes of Rs 500 and Rs 1,000 denomination with an aim to check black money, fake currency and terror financing.