Two years after demonetisation was announced on November 8, 2016, the government has finally accepted that four people had died due to demonetisation. Union Finance Minister Arun Jaitley accepted in the Rajya Sabha that four people, which included three bank staff and one customer, died during the demonetisation and were paid compensation as well.
Finance Minister, while replying to Communist Party of India (Marxist) MP Elamaram Kareem, said in the Rajya Sabha that among the four dead, three were bank employees of the State Bank of India (SBI) and one was a customer. Total compensation of Rs 44.07 lakh (including Rs 3 lakh to the customer) was paid to their family members, he said in Rajya Sabha.
Prime Minister Narendra Modi had announced the demonetisation of high-value notes on November 8, 2016, which wiped out nearly 86 percent of the total currency notes in circulation. On asked if any study has been conducted on the impact of demonetisation on industry and employment situation in the country, the finance minister said that “no specific study has been done by government”.