Oppn targets BJP on demonetisation; calls it disastrous Tughlakian decision

Several opposition parties slammed the BJP-led Union government on Saturday over the 2016 demonetisation exercise, terming it a "disastrous Tughlakian decision" and the "biggest fraud on Indians" that devastated the livelihoods of crores of people and crippled trade.

Prime Minister Narendra Modi announced demonetisation on November 8, 2016, stopping the currency notes of Rs 1,000 and Rs 500 from circulation and announcing that they would not be legal tenders any longer.

Congress general secretary Jairam Ramesh said the Indian economy lost its momentum on account of the "Notebandi" and has never really recovered after that.

"Today is the ninth anniversary of the singularly disastrous, Tughlakian decision relating to demonetisation.

"The livelihoods of crores of Indians were devastated. Trade and MSMEs were crippled. The unorganised sector, accounting for over 92 per cent of total employment, was destroyed. The amount of black and counterfeit money didn't decrease. The slogan of cashless became meaningless. The 2,000 rupee note that was introduced has been withdrawn," Ramesh said in a post on X.

He added, "The Indian economy lost its momentum on account of 'Notebandi'. It has never really recovered.

The Congress has been critical of the decision and has accused Prime Minister Modi of not achieving the desired results of demonetisation, which included eradicating black money and stopping its use for funding terror.

Trinamool Congress leader Derek O'Brien described demonetisation as the "biggest fraud on Indians" while sharing an excerpt from PM Modi's speech days after the note ban was announced.

In a post on X on the anniversary of the note ban, he also shared his own speech in Parliament post-demonetisation.

"On this day, exactly nine years ago, the biggest fraud on Indians. Demonetisation. PM Narendra Modi outside Parliament versus us, inside Parliament," O'Brien said in a post on X.

The video shared by the TMC MP showed an excerpt from Modi's speech post-demonetisation, where he sought 50 days to evaluate the impact of the decision.

"If, after December 30, there are shortcomings in my work or there are mistakes or a bad intention found in my work, I will be prepared for the punishment that the country decides for me," Modi said in the video.

O'Brien also shared his own speech in the Rajya Sabha, where he quoted TMC chief and West Bengal Chief Minister Mamata Banerjee.

"While I am strongly against black money and corruption, and am deeply concerned about common people, small traders, how will they buy essentials tomorrow? This is financial chaos, disaster let loose on the common people of India," he said.

Shiv Sena (UBT) chief too trained his guns at the BJP, as he accused the party of becoming a Bharashtachar Janata Party.

"The prime minister carried out 'notebandi' (demonetisation). Now, farmers should make votebandi' against the BJP and its allies," he said.