On Monday, President Mallikarjun Kharge criticised Prime Minister Narendra Modi over his administration’s 2016 demonetisation decision, claiming the PM has yet to admit this “epic blunder” that caused the “collapse of the economy.”
In reaction to a media report that claimed that as of October 21, the amount of money in circulation had reached a new high of Rs 30.88 lakh crore, Kharge made his remarks a day before the demonetisation program’s sixth anniversary.
“The goal of demonetization was to purge the country of illegitimate wealth. However, it damaged businesses and ruined jobs. In 2016, six years after the “masterstroke,” there is 72% more money available to the ordinary populace, Kharge noted in a tweet.
The President of the Congress said, “PM has yet to acknowledge this enormous error that contributed to the collapse of the economy.
The amount of money in circulation increased to Rs 30.88 lakh crore as of October 21 according to the RBI’s fortnightly data on the money supply. The value of the money in circulation on November 4, 2016, according to Reserve Money data from the central bank, was Rs 17.7 lakh crore.
People conduct business, complete transactions, and buy products and services using the notes and coins that are now in circulation. After deducting bank cash from the total amount of money in circulation, the amount is computed.
The plan to ban Rs. 500 and Rs. 1,000 denomination notes on November 8, 2016, as announced by Prime Minister Modi, is intended to reduce corruption and illicit money in the economy.
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