Congress to Hold Protest Against Modi’s Demonetization Disaster

Youth Congress Holds Save India Protest (file photo). Courtesy: Youth Congress
Youth Congress Holds Save India Protest (file photo). Courtesy: Youth Congress

The Delhi unit of Congress party has announced that it will hold a candle-light protest march in Delhi against the demonetization decision of the government. The march will begin today (November 9) at 5:00 p.m. from Jantar Mantar protest site to Reserve Bank of India (RBI) office.

The Congress party had said Thursday that the cost and destruction by demonetization was endured by every citizen of this country other than a few crony capitalist friends of Prime Minister (PM) Narendra Modi. “Demonetization was a black day for our democracy and our economy,” Congress said in a tweet.

Modi had arbitrarily announced in a sudden address to the nation on November 8, 2016 that he has withdrawn the currency notes of Rs 500 and Rs 1,000 from circulation.

Earlier in August, the RBI had said that almost all the money has come back to the banking system after the demonetization announcement made by Modi 2 years ago.

In order to falsely project his anti-corruption image among the poor and uneducated Indian masses (who generally vote in Indian elections), Modi gave the impression that his demonetization decision will help remove the unaccounted black money from the system.

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He believed that people keep black money or corruption money in higher value notes of Rs 500 and Rs 1,000, and after his sudden ban on these notes, the corrupt will not be able to deposit that money in banks and thus black money will go out of the system.

However, after 21 months of Modi’s demonetization announcement, according to RBI, 99.3% of the money has returned to the banking system – which means that the black money has been legalized.

The RBI has received Rs 15.31 lakh crore of Rs 500 and Rs 1,000 notes or 99.3% of the Rs 15.417 lakh crore worth of notes which were in circulation when Modi had announced demonetization in 2016.

Now just Rs 10,720 crore (or 0.7%) of banned currency failed to come back to the RBI, as against Modi’s expectations that over Rs 3 lakh crore of black money would not come back to the banking system. In other words, corruption persists in India.

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Rakesh Raman