Congress

Two Years of Demonetisation: Congress Demands PM Modi’s Apology For ‘Tughlaqi’ Experiment, to Hold Nationwide Protests



New Delhi: The Congress has demanded Prime Minister Narendra Modi to apologise to the country on Thursday, the second anniversary of demonetisation, for “wrecking the economy and causing its people untold hardships” through his “Tughlaqi” experiment.

Congress leaders and workers would be out on the streets to voice their protest against the “complete demolition” of the Indian economy unleashed by the “Tughlaqi farmaan” of demonetisation two years ago, Congress spokesperson Manish Tewari said at a press conference.

The prime minister stood up two years ago on November 8 and addressed the nation, demonetising almost Rs 16.99 lakh crore in circulation, Tewari said.

The three reasons given for that “Tughlaqi farmaan” were that it would curb black money, weed out fake notes and proscribe terror financing, but two years later none of those objectives have materialised, he said.

Tewari was comparing Modi’s demonetisation exercise to controversial 14th century king Muhammad bin Tughlaq’s outlandish monetary reforms.

“There is more cash in circulation in the Indian economy today than it was on November 8, 2016. So, under those circumstances, the Indian National Congress would like to demand that on November 8, 2018, exactly at that point in time when the prime minister two years ago had issued this Tughlaqi farmaan, he must stand up and apologise to the people of this country for ruining and wrecking the Indian economy,” Tewari said.

Asked if Congress president Rahul Gandhi will participate in the demonstration, he said all leaders and workers will take part.

PM Modi had made the demonetisation announcement during a televised speech delivered at 8:15 pm on November 8, 2016, scrapping Rs 500 and Rs 1,000 notes with immediate effect. The government asserted the move will curtail black money and reduce the part played by counterfeit currency in funding terrorism and other illegal

Earlier this year, the Reserve Bank of India (RBI) admitted that as much as 99.3 per cent of the scrapped currency had come back. The admission by the central bank led the opposition dub the demonetisation initiative as a “money-laundering” scam.

Meanwhile, the Reserve Bank of India (RBI) on Tuesday declined to reveal the cost incurred on shredding banned currency notes worth Rs 15,31,073 crore which returned to banks following note ban. To a query under the Right to Information (RTI) Act, the RBI said the process of destruction of banned notes got over in March 2018.

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