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AAP equates demonetisation with 9/11, Kejriwal terms it self-inflicted wound on economy

Press Trust of India  |  New Delhi 

The Thursday termed demonetisation a "tragedy" and likened it to the 9/11 terrorist attack on the US, as questioned the rationale behind suddenly banning a bulk of the currency and claimed it was a "self inflicted deep wound" on the Indian economy.

On November 8, 2016, announced that Rs 1,000 and Rs 500 would cease to exist as legal tenders with immediate effect.

The withdrawal of the notes led to a liquidity crunch and people stood in serpentine queues outside banks and ATMs to exchange old notes.

The opposition parties have criticised the exercise as "ill-advised" and "disastrous" for the country, but the government has said demonetisation helped increase the tax base and allowed greater formalisation of the economy.

"Though the list of financial scams of Modi govt is endless, demonetisation was a self inflicted deep wound on Indian economy which even two years later remains a mystery why the country was pushed into such a disaster ?," said on

AAP's said, "Just as 9/11 is remembered as a tragic and immensely sad day in the history of United States, we recall 8/11 as the tragedy that devastated our economy."

He dubbed demonetisation the "biggest economic failure" in independent India, claiming it caused 35 lakh job losses while 115 people died in queues who were paid no compensation.

Chadha criticised Modi and Amit Shah, saying demonetisation "failed" to achieve its stated goals such as unearthing the blackmoney in circulation and checking terrorism.

The effects of demonetisation, including its role in culling blackmoney and stemming terrorism and Naxalism as well as its impact on the economy, are being discussed two years on.

said Thursday demonetisation formalised the economy and increased tax base, allowing the government to allocate more resources for the welfare of the poor and infrastructure development.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 08 2018. 21:55 IST