Opposition parties slam Modi govt over withdrawal of Rs 2,000 notes after disastrous demonetisation

By PPI News Agency May20,2023

New Delhi, May 20, 2023 (PPI-OT):Opposition parties, including Congress, have slammed Indian Prime Minister Narendra Modi, saying that the Rs 2,000 banknotes introduced with such fanfare after that “singularly disastrous” demonetisation decision of November 8, 2016, are now being withdrawn. The Congress also said demonetisation has come a full circle and added that the Rs 2,000 note was a “Band-Aid to cover up the foolish decision of demonetising” Rs 500 and Rs 1,000 notes.

Other opposition parties, including the CPI-M (Communist Party of India-Marxist), and the AAP (Aam Aadmi Party), TMC (Trinamool Congress) and the CPI (Communist Party of India) also criticized the Modi government over the issue. Congress General Secretary Jairam Ramesh, in a tweet said, “Typical of our self-styled Vishwaguru. First Act, Second Think (FAST).”

Senior Congress leader and former Union finance minister P Chidambaram in a tweet said, “The Rs 2000 note is hardly a popular medium of exchange. We said this in November 2016 and we have been proved correct. The Rs 2,000 note was a Band-Aid to cover up the foolish decision of demonetising Rs 500 and Rs 1,000 notes which were popular and widely exchanged currencies.” He said a few weeks after demonetisation, the government and the Reserve Bank of India (RBI) were forced to re-introduce the Rs 500 note and he will not be surprised if the Centre re-introduces the Rs 1,000 note as well.

In a tweet in Hindi, Delhi Chief Minister and AAP national convener Arvind Kejriwal said, “First he said that by bringing 2,000 note, corruption will stop. Now they are saying that by banning 2,000 note, corruption will end. That’s why we say, PM should be educated… He doesn’t understand. The public has to suffer.” CPI-M General Secretary Sitaram Yechury said that it “virtually reverses the 2016 demonetisation, grandly announced by Modi as the answer to India’s problems of black money, corruption, terrorist funding, and promoting digital economy”. He said it is a dismal failure on all counts.

Yechury also claimed that cash in circulation is up 83 per cent since demonetisation and said that “corruption is legalised and grown manifold”. The TMC said on Twitter, “BJP demonetised Rs 500 and Rs 1,000 notes in 2016, disrupting the lives of Indians everywhere! They claimed that the introduction of Rs 2,000 note would curb the flow of black money. Seven years later, they are withdrawing it from circulation. Yet another Modinomic masterstroke?”

CPI leader Binoy Viswam tweeted, are the rulers dare enough to bring out a white paper on economy after the demonetisation. The reaction of the opposition parties came after the Reserve Bank of India (RBI) announced to withdraw the 2,000 bank notes from circulation but said that it will continue as legal tender till September 30. The RBI in an official communique said, “In pursuance of the ‘Clean Note Policy’ of the RBI, it has been decided to withdraw the 2000 denomination banknotes from circulation”. “The banknotes in 2000 denomination will continue to be legal tender.” It also said that all banks shall provide deposit and/or exchange facility for 2000 banknotes until September 30.

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