Note ban a 'farce', meant to fool people: Maha LoP Munde

The NCP dubbed demonetisation as a "farce" today which was meant to "fool" the people on a day the RBI said that 99.3 per cent of the scrapped currencies have returned to the banking system.

According to the apex bank, of Rs 15.41 lakh crore--in denominations of Rs 500 and Rs 1,000--that were in circulation on November 8, 2016, when the note ban was announced, Rs 15.31 lakh crore have been returned to the banking system.

This meant that only Rs 10,720 crore of the junked currency failed to return to the system.

Demonetisation of higher value currencies was announced by Prime Minister Narendra Modi.

"The RBI report has proved that demonetisation decision was a farce, meant to fool people. If 99.3 per cent of the demonetised notes have returned to the banking system, have the objectives claimed by the government behind the decision been fulfilled?" Munde questionned while speaking to reporters here.

The Leader of Opposition in the Legislative Council said the note ban adversely affected the economy, the job scenario as well as the industry, especially the small scale industry.