Demonetization anniversary: Kejriwal, Mamta say ‘notebandi’ was a disaster

The sudden withdrawal of notes led to a liquidity crunch with serpentine queues seen outside banks and ATMs to exchange old notes.

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Delhi Chief Minister Arvind Kejriwal, on the second anniversary of demonetization, today 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, in a hasty decision on November 8, 2016, announced a ban on Rs 1000 and Rs 500 denomination bank notes with immediate effect.

Aam Admi Party (AAP) Convener said: “Though the list of financial scams of Modi government is endless, demonetization 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?”

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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 demonetization 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.

In a similar attack, West Bengal Chief Minister Mamata Banerjee said that demonetization was a “disaster” for the country on its second anniversary.

The Chief Minister said she had been describing it as a “dark day” since demonetization was announced by Prime Minister Narendra Modi in 2016.

Ms. Banerjee, in her twit, said “#DarkDay Today is the second anniversary of #DeMonetisation disaster. From the moment it was announced”.  

“Renowned economists, common people, and all experts now agree,” she said.

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The sudden withdrawal of notes led to a liquidity crunch with serpentine queues seen outside banks and ATMs to exchange old notes.
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The Policy Times
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