On the second anniversary of demonetisation, Aam Aadmi Party (AAP) convener and Delhi Chief Minister Arvind Kejriwal on Thursday questioned the rationale behind the Modi government’s note ban move and termed it as “a self inflicted deep wound” on the Indian economy.
Prime Minister Narendra Modi on November 8, 2016, announced a ban on then in use Rs 1000 and Rs 500 denomination bank notes with immediate effect.
“Though the list of financial scams of Modi govt is endless, demonetisation was a self inflicted deep wound on Indian economy which even two years later remains a mystery why the country was pushed into such a disaster ?”
The sudden withdrawal of notes led to a liquidity crunch with serpentine queues seen outside banks and ATMs to exchange old notes. The effects of demonetisation including its role in culling black money and stemming terrorism and Naxalism as well as its impact on the economy are still being discussed with the opposition slamming the Modi government, terming its decision as “ill-advised” and “disastrous” for the country. The BJP-led government had defended the move, saying it was necessary to wipe out illegal money stashes.