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PM Modi should apologise for demonetisation: Odisha Cong

Press Trust of India  |  Bhubaneswar/Guwahati 

The Odisha Pradesh Committee on Thursday said should apologise to people as the demonetisation move, undertaken "hurriedly and arbitrarily", failed to eliminate black money.

OPCC said the announcement to ban high-value currency notes was followed by prolonged cash shortage for weeks, which created significant disruption throughout the economy.

"Demonetisation is one of the arbitrary decisions taken by the This was aimed to curtail shadow economy .. illegal activity and terrorism. But where is that black money?" he said in a statement issued on the second anniversary of demonetisation.

People seeking to change the old currency notes had to stand in long queues and several deaths occurred in different places due to the heavy rush, Patnaik said.

"The must tender an apology to the people for this wrong decision," the OPCC said.

According to a recent RBI report, nearly 99.3 per cent of the demonetised currency notes came back to the system, he said.

"This shows that the effort of demonetisation was taken in a hurry and it failed to remove black money from the economy. This move has reduced country's industrial production and GDP growth rate," Patnaik said.

Meanwhile, the unit of protested in front of the Reserve Bank of (RBI) building in Guwahati "against the devastating effects of demonitisation in India's economy".

The demonstrators tried to break the barricade near the but were stopped by police. Following this, several state leaders were arrested and later released.

Congress Legislature Party Debabrata Saikia termed as a "black day" in the country, and the move "adversely affected the common people, while strengthening the financial position of capitalists".

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

First Published: Thu, November 08 2018. 20:55 IST