Demonetisation was a futile exercise: Mamata Banerjee

West Bengal Chief Minister Mamata Banerjee

West Bengal Chief Minister Mamata Banerjee on Friday said that the Narendra Modi government’s move of demonetizing high value currency notes of Rs. 500 and Rs.1000 was a futile exercise.

On the third anniversary of demonetisation, Banerjee also said that the controversial move started an economic disaster.

The Chief Minister in a series of tweets argued that demonetisation has led a to s complete slump in the economy and had negative impact on the lives of millions of people from all spheres of society.

“Economic disaster started on that day and look where it has reached now. Banks stressed, economy in a complete slump. All affected. From farmers to the young generation to workers to traders, housewives... everyone is affected,” tweeted Banerjee.

Pointing out that she was one of the first political leaders to react to the announcement of demonetisation on November 8, 2016, Banerjee said on that very day she predicted that it will ruin the economy.

Prime Minister Narendra Modi announced the decision on a televised address on that day. He argued that decision was taken to crackdown on black money and terror funding.
Banerjee also said now three years after demonetisation economists and common people all agree with her that demonetisation was not a good idea.

“Today is the third anniversary of #DeMonetisationDisaster. Within minutes of announcement, I had said that it will ruin the economy and the lives of millions. Renowned economists, common people & all experts now agree. Figures from RBI have also shown it was a futile exercise,” said Banerjee.

The Trinamool Congress (TMC) supremo has been one of the most vocal critics of Prime Minister Narendra Modi’s decision to demonetise currency notes of Rs. 500 and Rs. 1000.

Describing demonetisation as a “big scam” During her campaign for the 2019 Lok Sabha elections Banerjee stated that BJP government’s decision of demonetising high value currency notes will be investigated.

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