Trinamool Congress leader Derek O’Brien tweeted today on Prime Minister Narendra Modi’s sudden demonetisation move or ban on high-value currency notes in 2016 on the fifth anniversary of the move, that only the West Bengal Chief Minister got demonetisation spot-on.
Trinamool Rajya Sabha member West Bengal Chief Minister tweeted five times on twitter to PM Modi on the announcement of notes ban.
“Withdraw this draconian decision,” stated her first tweet slightly hours after demonetisation was introduced. She additionally attacked the PM in a next tweet, pronouncing that the verdict used to be “drama” to “divert his failure” as a result of he could not get again black cash from another country as promised all over elections. She additionally knew it as “a financial chaos” and “disaster let loose on the common people of India.” She expressed her worry for day-to-day salary employees, small buyers, and the typical other folks. “While I am strongly against black money, corruption, deeply concerned…How will they buy essentials tomorrow,” she stated.
The Union government faced criticism for its reckless move without any prior notice from many other opposition parties; however BJP leaders stated that demonetisation was hailed as an essential decision to act against black money.
Official data showed that the notes in circulation in value terms have increased by 64 per cent since the day of demonetisation till October 29, 2021. According to data released by the Reserve Bank of India (RBI), notes in circulation (NIC) in terms of value, went up from ₹ 17.74 lakh crore on November 4, 2016 (just four days before demonetisation was announced), to ₹ 29.17 lakh crore on October 29, 2021, an increase of 64 per cent.
Also read: Five years of demonetisation: Black day in Indian economy continues to clench country's backbone
Center govt ascribed the benefits of demonetisation like stopping terror funding, moving to digital India economy, formalisation of the labour force, to expanding the tax base. On the contrary some other studies reported this drastic move as a severe economic distress for daily wage and migrant workers among other vulnerable groups.