Recent RBI report endorses failure of PM Modi's 'historic' demonetisation: NCP

NCP chief spokesman Mahesh Tapase said the Modi government spent thousands of crores in printing new currency at a time when more than 99% currency which was in circulation before demonetisation found its way back to the banks

Sanjay JogUpdated: Tuesday, May 31, 2022, 11:04 AM IST
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Maharashtra NCP chief spokesperson Mahesh Tapase | ANI

The Nationalist Congress Party, which shares power with Shiv Sena and Congress in Maharashtra, on Tuesday targeted Prime Minister Narendra Modi on demonetisation saying that it was the darkest day in the history of the Indian economy.

"A recent RBI report claiming the re-emergence of counterfeit currency in huge numbers has endorsed the failure of PM Modi’s historic demonetisation decision which NCP has been saying since 2016," said state NCP chief spokesman Mahesh Tapase.

He claimed that Cooperative Banking sector took the biggest hit as the Centre was reluctant to accept and exchange currency denominations of Rs 500 and Rs 1000 available with district central cooperative banks.

Tapase said the Modi government spent thousands of crores in printing new currency at a time when more than 99% currency which was in circulation before demonetisation found its way back to the banks.

"The so called historic decision of demonetisation destroyed the MSME and the unorganised sector and snatched away the livelihood of millions," said Tapase adding that the basic purpose of elimination of black money and fake currency failed miserably.

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