5 years of demonetisation: Congress dubs it 'death anniversary'

Opposition recalls Tughlaq; BJP justifies move

Opposition parties closed ranks in slamming Modi government’s demonetisation decision on its fifth anniversary, describing it as ‘death anniversary of demonetisation economy’ and comparing the move to decisions taken by Muhammad Bin Tughlaq.

BJP’s response was feeble on the issue on Monday, a day after it found no mention either in speeches BJP leaders or the political resolution adopted at the party’s national executive meet on Sunday to chalk out future strategy for 2022 state polls.

For the last few elections, the demonetisation decision has fallen off the shelf of BJP, and its leaders have not been making any bold assertion about the move in election rallies as the Opposition raises the bogey of people's "suffering" due the "ill-conceived" decision.

Also Read | 5 years after demonetisation, the currency in circulation continues to rise

There is a view that the decision which helped the BJP greatly in the 2017 Assembly polls in UP, is now not cutting much ice with electorates. The party made no big campaign around it either during West Bengal polls this year nor is it raising the issue in the run-up to 2022 UP polls.

With reports showing the ratio of currency circulation recording a new high after five years of demonetisation, one of the primary objectives of which was to reduce cash transactions, Congress went hammer and tongs against Modi’s decision to ban the circulation of Rs 500, Rs 1000 notes on November 8, 2016 and reminding people about the 'hardships' it caused.

Opposition leaders tweeted under the hashtags #Black Day Indian Economy and # Demonetisation Disaster . BJP supporters tweeted in favour of the move under the hashtag # Demonetisation boosted #DigitalIndia

"If 'notebandi (demonetisation) was successful, why hasn't corruption ended? Why hasn't black money come back? Why hasn't the economy gone cashless? Why hasn't terrorism been hit? Why hasn't the price rise been reined in?" Priyanka Gandhi Vadra said.

Taking it further, party MP Shashi Tharoor Shashi Tharoor demanded accountability for “an impulsively-conceived, ill-thought out, poorly implemented decision”, which he called “most foolish” ever devised by an Indian government since the days of Mohammad Bin Tughlaq.

CPI-M’s Sitaram Yechury rued demonetisation as that which put the economy into a “tailspin” and added that it “decimated the informal sector".

“No black money recovered, but the rich got richer. Cash in the economy is the highest ever now! This government must bear responsibility for pushing India downhill, just for one man’s whim," Yechury tweeted.

D Raja of CPI said in the five years of “demonetization disaster, Government of India has not come up with a single benefit of the mindless exercise. No black money back! Only demagoguery! #Demonetisation ruined the economy, rendered thousands jobless and hopeless. #Modi should answer the people he so cruelly harassed!

Trinamool Congress Derek ‘O Brien shared Modi’s 2016 speech in which he had said he would face any questions after 50 days of the decision if it went wrong and also put out five tweets of Mamata Banerjee that had slammed the decision soon after the Prime Minister had announced his decision.

Some BJP leaders countered the move saying the decision reduced tax evasion and claimed that even a street hawker today accepts digital payment.

“Modi government has been fighting a war against economic defaulters and corruption. Demonetisation was among one of India's gravest attacks on black money. The Modi government's crackdown against black money resulted in the seizure of assets worth Rs 7,877 crore. India also witnessed an unprecedented increase in tax compliance,” the party said..

Leader of Opposition in Rajya Sabha Mallikarjun Kharge alleged unemployment has risen, small businesses have been hit and closed since the demonetization decision was announced.

Congress leader Jairam Ramesh said, “with every passing year, it is becoming even more clear that 8.11.2016 will be marked in the world's economic history among the worst policy blunders anywhere. Demonetisation along with rushed GST destroyed the backbone of the Indian economy -- the MSME and informal sectors especially".