Adhir Ranjan's jibe at PM as demonetisation exercise completes seven years

Opposition leader in the Lok Sabha Adhir Ranjan Chowdhury on Wednesday took a jibe at Prime Minister Narendra Modi regarding the demonetisation exercise done by the incumbent government back in 2016.

Taking to his X timeline coinciding with the demonetisation exercise turning seven, the Congress leader asked the Prime Minister whether he should "celebrate the occasion or mourn for abysmal failure."

"Respected PM @narendramodi Ji, today is the 7th anniversary of #DEMONITIZATION touted as your visionary step for ERADICATION OF BLACK MONEY from India. Now should we celebrate the occasion or mourn for abysmal failure," Adhir Chowdhury posted on X.

The Centre had on November 8, 2016, decided to cancel the legal tender status of Rs 1,000 and Rs 500 denomination currency notes with several objectives, including flushing out black money, eliminating Fake Indian Currency Notes (FICN), striking at the root of financing of terrorism and left-wing extremism, to convert non-formal economy into a formal economy to expand tax base and employment, and to give a big boost to digitalisation of payments to make India a less cash economy.

As a result of the demonetisation drive, there is a substantial increase in the number of Income Tax Returns (ITRs) filed, the government has on various occasions maintained.

Prime Minister Narendra Modi had earlier noted that the demonetisation exercise helped reduce black money, increase tax compliance and formalization and give a boost to transparency. The Prime Minister had also said, "These outcomes have been greatly beneficial towards national progress."

There have been accusations that many Indians have parked black money in foreign safe havens, with political parties promising to bring them back and book those individuals under relevant law.