Reason behind demonetisation still a mystery, says Arvind Kejriwal

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NEW DELHI:  On the second anniversary of demonetisation, Aam Aadmi Party (AAP) convener and Delhi Chief Minister Arvind Kejriwal Thursday questioned the action of Modi government's note ban move.

 

"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 ?", he tweeted.

On 8 November 2016, the Government of India announced the demonetisation of all Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new Rs 500 and Rs 2000 banknotes in exchange for the demonetised banknotes.

The government claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.

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.

 With inputs from PTI

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