The opposition parties of India are attacking the government after Reserve Bank of India releases a report which states that 99% of the junked currency has returned. The annual report of RBI disclosed that out of Rs. 15.44 lakh crore junked currency notes, Rs. 15.28 lakh crore or 98.6% has came back to them after demonetization. This means that Rs. 16,000 crore of demonetized notes have not returned to the RBI. The report also stated that 89 million units out of 632.6 crore demonetized Rs. 1,000 notes, the value of which is Rs. 8,900 crore, has not returned to RBI.
The opposition leaders are calling “Demonetization” a big failure and asking whether this whole campaign was run in order to convert their own black money into white. Rahul Gandhi, the Vice-President of Congress, has termed demonetization as “colossal disaster” which also resulted in innocent deaths as well as ruined the economy. The Congress spokesperson Randeep Surjewala went to the extent of asking PM Modi to apologise for the damage done to the reputation of RBI.
Former finance minister P. Chidambaram tweeted, “Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which recommended demonetisation.”
Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which 'recommended' demonetisation
— P. Chidambaram (@PChidambaram_IN) August 30, 2017
He also tweeted, “RBI gained Rs 16000 crore, but lost Rs 21000 crore in printing new notes! The economists deserve Nobel Prize.”
RBI 'gained' Rs 16000 crore, but 'lost' Rs 21000 crore in printing new notes! The economists deserve Nobel Prize.
— P. Chidambaram (@PChidambaram_IN) August 30, 2017
If you remember, former Prime Minister and eminent economist Manmohan Singh called demonetization as organized loot and alleged that lives lost would be wasted. It is said that almost 100 people lost their lives due to demonetization. Manmohan Singh also quoted a known economist John Maynard Keynes when he said, “In the long run, we are all dead”, to dismiss the Central government’s claim that demonetization would be beneficial in the long run.
Twitter is also talking about how PM Modi asked for 50 days from the public and said that they can burn him alive if he is wrong about demonetization.
Here are some selected tweets on this burning topic:
Move of demonetization was a disaster:
https://twitter.com/ARanganathan72/status/902890433889501184
It had negative results:
Add cost of printing and distributing notes, plus spike in RBI's interest payouts (repo rate) and it comes to net negative. #DeMonetisation
— Sreenivasan Jain (@SreenivasanJain) August 30, 2017
Epic failure:
Money Gained= 16k crore
Cost of printing notes= 21K crore
Loss to RBI= 5K crore"A Genius calculating benefits of #DeMonetisation".(2017) pic.twitter.com/cfygcyfOpG
— History of India (@RealHistoryPic) August 30, 2017
Screen Shots:
GDP fell. IIP fell. Jobs lost. Lives lost. Terrorism rose. FM lied. RBI silent. Govt. lied : by @sadhavi #DeMonetisation pic.twitter.com/LILCuiM2xF— Naveen Shahi #Qualified (@Naveen_Kr_Shahi) August 31, 2017
Modi has been proved wrong:
https://twitter.com/alfonslopeztena/status/902900708030242817
Irony:
Strange times.
Rich & powerful saying #DeMonetisation has hurt poor 🤔
Whereas real poors are happy , says it has hurt Rich & corrupt more 😂— Rishi Bagree (@rishibagree) August 30, 2017
Agree?
Figures reveal a non-secret, that as economic measure #Demonetisation was a disaster. By hiding info for so long RBI further harmed its name
— Shekhar Gupta (@ShekharGupta) August 30, 2017
Demonetization scam:
https://twitter.com/autumnrainwish/status/903080143962333184
Why RBI why?
https://twitter.com/ShirishKunder/status/902925453291249665
RIP:
Not to forget this. #DeMonetisation pic.twitter.com/cRWDY526dr
— Meenal Baghel (@writemeenal) August 30, 2017
Modi Ji ki maafi:
https://twitter.com/sadhavi/status/903069942387314688
Blue whale game:
#DeMonetisation was nothing but just a real world example of Blue Whale game.#DeMonitisationFailed
— AJ (@for_u_AJ) August 31, 2017
The only benefit of demonetization:
https://twitter.com/jissinp/status/903139589140951040
Opposition’s comment:
They will come up with another series of excuses, defame opposition and bury their own sins. #DeMonetisation pic.twitter.com/cHf0umRyla
— Tejashwi Yadav (@yadavtejashwi) August 30, 2017
Sarcastic take:
#GST Is Failure#DeMonetisation Is Failure#JanDhanRevolution Is Failure
Entire Modi Govt. Is FailureRahul Gandhi Is Epitome Of Success!🙏🏾
— Sir Jadeja fan (@SirJadeja) August 30, 2017
Makes sense?
Just because 99% notes returned to system doesn't make #DeMonetisation a failure.From what I have seen, its been a huge positive for economy
— Anuj Singhal अनुज सिंघल (@_anujsinghal) August 30, 2017
99% Currency Back After #DeMonetisation. Depositing Black Money Into Bank Doesn't Mean It Has Turned White. Too Early To Call It A Failure.
— Sir Jadeja fan (@SirJadeja) August 30, 2017
What is your take over the matter? Let us know!
