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Demonetisation failed to meet its objectives: Congress leader Adhir Chowdhury in Lok Sabha

The comment made in the Lok Sabha was vehemently countered by the BJP's Nishikant Dubey who said the Reserve Bank of India took the "big step" to eliminate corruption and terror financing which were "rampant" under the Congress rule.

December 09, 2022 / 02:04 PM IST
File image of Congress' Lok Sabha and party's Bengal unit chief Adhir Ranjan Chowdhury.

File image of Congress' Lok Sabha and party's Bengal unit chief Adhir Ranjan Chowdhury.

Congress leader Adhir Ranjan Chowdhury on Friday criticised the government's November 2016 decision to demonetise high-value currency notes, claiming the move did not meet the desired goals as cash in circulation and fake currency have gone up.

The comment made in the Lok Sabha was vehemently countered by the BJP's Nishikant Dubey who said the Reserve Bank of India took the "big step" to eliminate corruption and terror financing which were "rampant" under the Congress rule.

Raising the issue during the Zero Hour in the Lok Sabha, Chowdhury said cash in circulation increased from Rs 18 lakh crore in 2016 to Rs 31 lakh crore currently. Also, fake currency and deposits in Swiss banks have increased, he claimed.

"The health of the economy is in a bad shape because of demonetisation. Demonetisation was launched with the objective of bringing back black money and stopping fake currency and terrorism. But none of the objectives of demonetisation has been fulfilled," Chowdhury said.