- RBI Annual Report confirms the concerns expressed by Aam Aadmi Party when demonetisation was announced
The Reserve Bank of India (RBI) released the final figures of currency returned after demonetisation was announced last year on 8th November, 2016 by Prime Minister Narendra Modi. The report claims that of the Rs 15,44,000 crore rupees of currency demonetised, Rs 15,28,000 crore has returned, and close to Rs 16,000 crore has not returned. These figures confirm the concerns expressed by National Convenor and Delhi Chief Minister Arvind Kejriwal and the Aam Aadmi Party.
Addressing a press conference on this issue, National spokesperson and senior leader of the party Sanjay Singh said, “When PM Narendra Modi announced that the government was demonetising high value currency, AAP and Arvind Kejriwal had said that demonetisation was the largest scam in the history of the country. We had said then that it would destroy the country’s economy, increase unemployment, result in collapse of small businesses, and that ordinary Indians will suffer the most.”
“The truth of demonetisation has finally been revealed by the RBI. On 15th August, Mr Modi claimed from the Red Fort that Rs 3 lakh crore black money had been recovered after black money. This, despite the fact that the RBI chairman had informed the Lok Sabha committee then that counting of notes was still on. The larger question is this: After demonetisation, the RBI had said on 27th November that Rs 14,18,000 crore had been demonetised. But now the RBI is claiming that the figure was actually Rs 15,44,000 crore.
What explains this discrepancy? Is this the amount of additional currency the RBI has received in counterfeit notes? Is the RBI lying to the country? It must answer these questions.”
“This is not just a failure of economics as some are calling, it is a monumental failure of policy. Including the Rs 1,10,000 crore discrepancy in the RBI’s claims about how much currency was demonetised and the Rs 21,000 crore spent in the printing of new notes, the country has lost Rs 1,31,000 crores in this entire exercise. Mr Modi is answerable to the people of India, and he must explain this massive loss.”
National Spokesperson and senior leader Ashutosh added, “Not only was demonetisation a scam of epic proportions, it was also detrimental to the health of the economy. The GDP growth between January to March quarter of 2016 was 8.5% and for the same period it was 6.1% in 2017. There has also been a drastic fall in the growth of the manufacturing sector since demonetisation.”