Opposition parties term demonetisation economic genocide

Opposition parties slammed the BJP-led Centre for its decision taken on this day in 2016 to scrap high-value currency notes.Congress on Tuesday attacked Prime Minister Modi Modi over demonetisation. In a tweet, party president Mallikarjuna Khage called it a 6 years of 'Organised Loot & Legalised Plunder'

6 years of 'Organised Loot & Legalised Plunder'

Tribute to those 150 people who lost their lives due to #Demonetisation disaster.

As we observe 6 years of this epic failure, it is important to remind the PM about the ill-conceived calamity which he thrust upon the nation.

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— Mallikarjun Kharge (@kharge) November 8, 2022

Former Congress chief Rahul Gandhi also hit out at Modi over the decision, saying it was a deliberate move by "PayPM" to ensure that two or three of his billionaire friends monopolise India's economy. Trinamool Congress (TMC) spokesperson and leader of the party in the Rajya Sabha Derek O'Brien said the move was a "gimmick". Communist Party of India (Marxist) general secretary Sitaram Yechury accused the government of "beating its own drum on the criminal act of #Demonetisation, against all good sense, evidence and advice". "The sixth anniversary of Modi and his govt's hubris, killing off the Indian economy. Demonetisation has resulted in chaos apart from a record high of cash in circulation. ?30.88 lakh crore! The worst jumla of all - 'This suffering is only for 50 days'," Yechury wrote on Twitter.

On November 8, 2016, Prime Minister Narendra Modi announced the demonetisation of the old Rs 1,000 and Rs 500 banknotes. The key objectives of the decision were to promote digital payments and curb black money, besides eliminating terror funding.