Trinamool Congress leader Derek O’Brien tweeted todayon Prime Minister Narendra Modi’s sudden demonetisation move or ban onhigh-value currency notes in 2016 on the fifth anniversary of the move, thatonly the West Bengal Chief Minister got demonetisation spot-on.
Trinamool Rajya Sabha member West Bengal ChiefMinister tweeted five times on twitter to PM Modi on the announcement of notesban.
“Withdraw this draconian decision,” stated her firsttweet slightly hours after demonetisation was introduced. She additionallyattacked 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 blackcash from another country as promised all over elections. She additionally knewit as “a financial chaos” and “disaster let loose on the common people ofIndia.” 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,” shestated.
The Union government faced criticism for its recklessmove without any prior notice from many other opposition parties; however BJPleaders stated that demonetisation was hailed as an essential decision to actagainst black money.
Official data showed that the notes in circulation invalue terms have increased by 64 per cent since the day of demonetisation tillOctober 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 lakhcrore 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.
Center govt ascribed the benefits of demonetisationlike stopping terror funding, moving to digital India economy, formalisation ofthe labour force, to expanding the tax base. On the contrary some other studiesreported this drastic move as a severe economic distress for daily wage andmigrant workers among other vulnerable groups.