The Reserve Bank of India’s decision to remove Rs 2,000 notes from circulation has drawn criticism from West Bengal Chief Minister Mamata Banerjee, who called it a “billion dollar ‘dhoka’ (fraud) to a billion Indians.”
She said that it is impossible to forget the agony caused by the 2016 demonetisation.
So, rather than a Rs 2,000 dhamaka, a billion dollar dhoka (fraud) was committed against a billion Indians. My darling brothers and sisters, get up. We must forget the anguish we experienced as a result of demonetisation, and those responsible for it must not be pardoned, Banerjee said on Twitter.
The BJP-led federal government has been under fire from her party Trinamool Congress over the RBI’s decision to remove Rs 2,000 notes from circulation, claiming that this “arbitrary” action would have the same negative effects on the economy as the demonetisation of 2016 did.
The introduction of the Rs 2,000 note, according to the CPI(M) and the Congress, aided certain individuals in hiding black money.
The RBI said earlier in the day that the old Rs 2,000 notes would be legal currency till September 30, unlike the shock demonetisation in November 2016 when the old Rs 500 and Rs 1,000 notes were invalidated overnight.
“We have seen how the country’s people experienced hardships during the demonetisation in 2016,” TMC spokesman Kunal Ghosh remarked. It has wrecked the economy of the nation and taken many lives. With its intention to eliminate Rs 2,000 notes, the BJP is attempting to subject the public to similar sufferings once again.
The TMC leader said that the BJP had “child’s play”-ed with the nation’s economy. High-value notes were demonetized in 2016 under the pretense of reducing black money. In actuality, however, it assisted some in turning dark money into white. The country’s economy was completely wrecked by demonetisation, along with small enterprises, and many individuals lost their jobs, he said.
The TMC leader had then disagreed with the Center’s choice.
Adhir Ranjan Chowdhury, a leader for the Congress in the Lok Sabha, said that the 2016 demonetisation was a scourge on the Indian economy.
“It was imposed on the populace, which devastated the economy. The quirkiness of the Narendra Modi administration cost some people their lives, according to Chowdhury, who is also the head of the West Bengal Congress.
He said that in order for people to be ready, the government should have declared a date and time for demonetization as advised by the Congress.
“Manmohan Singh, a well-known economist and our previous prime minister, warned that the demonetization would lead the economy to lose 2% of its GDP, and his prediction came true. The decision made today (to remove Rs 2,000 notes from circulation) won’t benefit the economy either, according to Chowdhury.
PM Modi said at the time that he believed demonetisation would help stop terrorist activities in India by reducing black money and fake currency notes.
The Congress leader said, “However, the introduction of the Rs. 2,000 note actually helped some people stash black money.”
Sujan Chakraborty, a member of the CPI(M) central committee, said that less than six years after its introduction, the Narendra Modi administration chose to discontinue the use of Rs 2,000 currency notes.
The Prime Minister doesn’t appear to have an explanation for this choice, which is remarkable, he remarked. According to Chakraborty, the 2016 demonetisation may have aided dishonest individuals rather than fulfilling its professed objective of reducing black money.
The RBI remained mum over what will happen to private stashes of Rs 2,000 notes after September 30. The government had already declared it illegal to keep the demonetized Rs. 500 and Rs. 1,000 notes after the deposit deadlines had passed.
According to authorities, banks would exchange the Rs 2,000 notes up till September 30; those who have the notes beyond that period are exempt from prosecution.