'Only success was torpedoing of economy': Opposition flays Modi govt over demonetisation after RBI report shows spike in fake notes

On November 8, 2016, Prime Minister Narendra Modi had announced the demonetisation of old Rs 1,000 and Rs 500 banknotes

FPJ Web DeskUpdated: Sunday, May 29, 2022, 05:51 PM IST
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Opposition flays Modi govt over demonetisation after RBI report shows spike in fake notes | File Image

The Opposition on Sunday attacked the Prime Minister Narendra Mod-led government over demonetisation after the Reserve Bank of India's annual report stated that there was an increase in counterfeit notes of all denominations in the financial year 2021-22 (FY22).

According to the report, RBI detected a 101.9% more fake notes of Rs 500 denomination and a 54.16% increase in fake notes of Rs 2,000 tender as compared to the previous year.

It needs to be noted that apart from flushing out black money, the elimination of fake currency notes was cited as one of the reasons for the demonetisation exercise conducted by the Centre in 2016.

Meanwhile, hitting out at the Centre over the RBI report, former Congress chief Rahul Gandhi said the only "unfortunate success" of the 2016 move was the "torpedoing" of India's economy.

"The only unfortunate success of Demonetisation was the TORPEDOING of India's economy," he said in a tweet.

TMC leader Derek O'brien also slammed the government over the RBI report's findings.

"Namaskar Mr PM @narendramodi, DEMONETIZATION? Remember? And how @MamataOfficial swiftly took you on ? How you promised the nation Demo would WIPE OUT ALL COUNTERFEIT CURRENCY. Here's the latest RBI report pointing out the huge increase in counterfeit notes," he said in a tweet.

Shiv Sena MP Priyanka Chaturvedi also took a dig at the Modi government over the RBI report and said "one of the benefits of demonetisation being realised".

"One of the benefits of demonetisation being realised. Also, so happy to note that even the embedded chips in 2000 rupee notes have come good. Not," she tweeted.

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