Demonetisation: Note ban has diluted RBI’s value, says Prakash Ambedkar

Mumbai: The senior leader of Bharipa Bahujan Mahasangh (BBM) Prakash Ambedkar, on Monday said the Centre’s move of demonetisation has failed to serve its stated purpose and has put the credibility of Reserve Bank of India (RBI) at risk.

Prakash Ambedkar, president of BBM, said, “The figures shared by the RBI revealed that 80 per cent of cash that was circulated had returned to banks before November 8, 2016 (demonetisation). What was the purpose of demonetisation?”

Jogendra Kawade, Dalit leader, said, “We also want to know the cost incurred on implementing demonetisation. Printing of new currency notes comes at a cost and it should be made public.”

“Prime Minister Narendra Modi had claimed the decision (note ban) was targeted at black money hoarders. But the reality is that the common man is suffering from it,” added Kawade.

Ambedkar added, “The note invalidation measure will push the economy towards recession and also hit the agriculture sector hard. Even after more than two months of the note ban announcement, there is still no sufficient cash supply in the economy. This will have serious repercussions on the economy.”

Meanwhile, Congress too used the same tactic by organising a street play near its party office at Azad Maidan on Monday. The play enacted household scenes of the common man getting impacted by demonetisation.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal