Demonetisation a disaster for the country: Owaisi

Demonetisation has been a "disaster" for the country as it caused a loss of about two per cent to the GDP, AIMIM president Asaduddin Owaisi alleged here today.
"When demonetisation was announced to the nation by the Prime Minister, he had said (the aims were) to curb black money, stop counterfeit currency and terrorism. On all these counts, the government has completely failed," he told reporters.
The RBI's annual report itself claimed that nearly 99 per cent of the money has come back to the banks, he said.
The amount spent by the RBI on printing new currency notes should also be taken into consideration, he argued.

"In the process, we have seen more than 100 deaths, small and medium enterprises have gone kaput. Informal sector is in complete distress," he alleged.
The money of cooperative banks and from neighbouring countries like Nepal and Bhutan should also be considered, Owaisi said.

"So, what has demonetisation really effected, what has been the gain for the country, apart from distress, apart from people's lives. Two per cent is the loss to the GDP... Who is responsible for these," the Hyderabad MP said.
"The responsibility lies at the doors of the Prime Minister. Because of his impulsive decision, the country has lost two per cent GDP...," he said.

Rs 15.28 lakh crore, or 99 per cent of the junked 500 and 1,000 rupee notes, have returned to the banking system, the RBI said yesterday.