An RBI report saying 99 percent of the demonetised currency notes of Rs 1000 and Rs 500 denomination flew back into the banking system after demonetisation, Congress leader Rahul Gandhi asked Prime Minister Narendra Modi to own up the “colossal failure”.
“A colossal failure which cost innocent lives and ruined the economy. Will the PM own up?,” Rahul Gandhi tweeted.
The RBI report found out that out of 15.44 lakh crore of the defunct notes, only Rs 16,050 crore have not been returned by the public to the banking system.
Finance Minister Arun Jaitley tried to defend the government’s controversial decision of demonetisation done last November by saying that the move wasn’t aimed at making windfall gains by confiscating money.
But the Congress party however got fresh arsenal to attack the Modi government.
Former finance minister P Chidambaram said: “99 percent notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?”.
He also said that the economists behind the demonetisation move “deserve Nobel prize” as the RBI gained Rs 16,000 crore, but lost Rs 21,000 crore in printing new notes.
“Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1 percent. Shame on RBI which ‘recommended’ demonetisation,” Chidambaram said on Twitter.
Congress leader Randeep Surjewala said demonetisation is nothing but a “disaster” in which 104 innocent people were killed while ‘corrupt’ made ‘windfall gains’.
He also said that the demonetisation scam not only dented institutional sanctity of the RBI, but also credibility of India abroad and demanded an apology from the prime minister.
“Utterly failed #Demonetisation is nothing but a disaster in which 104 innocent people were killed while ‘Corrupt’ made ‘Windfall Gains’.
“Demonetisation scam, not only dented institutional sanctity of RBI, but also credibility of India abroad. PM should apologise to the nation,” he said in a series of tweets.
West Bengal Chief Minister and Trinamool Congress leader Mamata Banerjee questioned that the RBI’s revelation on demonetisation points to a big scam.
“I feel it was totally a flop show. 99 per cent of the demonetised currency has come back to the RBI. Only one per cent has not returned,” she said.