'PM Modi must acknowledge EPIC failure': Congress on demonetisation anniversary

Congress leader Gaurabh Vallabh called demonetisation India's "greatest organised loot". Cash in circulation today is Rs 30.88 lakh crore, while it was merely Rs 17.97 lakh crore in November 2016, he said.

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New Delhi: The Congress on Tuesday alleged that demonetisation was independent India's "greatest organised loot" and demanded a white paper from the Modi government on the 2016 move. Addressing a press conference on the sixth anniversary of demonetisation at the AICC headquarters here, Congress leader Gourav Vallabh said Prime Minister Modi had surprised all by declaring that currency notes of Rs 500 and Rs 1,000 were being scrapped on this day in 2016 and the decision triggered "panic, creating unspeakable problems linked to cash and destroying countless small and medium businesses". It has been six years since independent India's "greatest organised loot", Vallabh said and accused the government of destroying the economy through demonetisation. Cash in circulation today is Rs 30.88 lakh crore, while it was merely Rs 17.97 lakh crore in November 2016, he said.

"One of the stated objectives of the demonetisation was to promote digital transactions as the government felt too much cash was in circulation. The sharp jump in cash has clearly exploded that objective of the government ? sending it the way of its other goals like fighting corruption, weeding out fake notes and curbing terror funding," Vallabh said.

Black money didn't come, only poverty came and the economy became weaker, not cashless, he alleged. "Small businesses and crores of jobs were finished off, not terrorism," he said. "The emperor demolished India's economy by giving the people illusions of a better outcome in 50 days," Vallabh said.

आज हमारा देश नोटबंदी की छठवीं पुण्यतिथि मना रहा है जिसे भारतीय अर्थव्यवस्था की छठवीं पुण्यतिथि कहना ज्यादा उचित होगा।

सुनिए, नोटबंदी पर मोदी सरकार के झूठ के पुलिंदों का पर्दाफ़ाश कर रहे हैं श्री @GouravVallabh - pic.twitter.com/zfx6N68HRH

— Congress (@INCIndia) November 8, 2022

He said the Congress demands a white paper on demonetisation. "The prime minister is yet to acknowledge this epic failure that led to the fall of the economy. He must acknowledge that," Vallabh said.

He said the government must share what plan it has for the unorganised sector and MSMEs who had suffered most in this exercise.

Vallabh said the Congress also demands an employment creation plan, saying "we can't convert demographic dividend to demographic disaster".

On November 8, 2016, Prime Minister Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption.