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Rahul Gandhi targets PM Modi, says demonetisation was not a mistake but an assault

Rahul's statement comes a day after the Reserve Bank of India (RBI) said in its annual report that more than 99 per cent of Rs 500 and Rs 1,000 notes banned by the Modi government in November 2016 have returned to the banking system.

NMF News Bureau | Updated: 30 Aug 2018, 20:47:40
Rahul Gandhi and PM Modi Rahul Gandhi and PM Modi

New Delhi: Congress president Rahul Gandhi on Thursday targeted Prime Minister Narendra Modi over demonetisation, saying the currency ban was not a mistake but an attack on people of the country. "Notebandi is nothing less than a huge scam," the Congress president said at a press conference.

Rahul's statement comes a day after the Reserve Bank of India (RBI) said in its annual report that more than 99 per cent of Rs 500 and Rs 1,000 notes banned by the Modi government in November 2016 have returned to the banking system.

"You apologise for a mistake, but PM Modi did this deliberately," he said.

ALSO READ | RBI says 93.3 per cent of demonetised currency returned to banks

The statement indicated that only the remaining was left out of the banking system after Modi government's note ban aimed at curbing black money and corruption.

The RBI took a long time to count the currency which was returned in the limited period window provided by the government to exchange or deposit the banned currency. The exercise is finally over, it said in its Annual Report for 2017-18.

The "humungous task of processing and verification of specified bank notes was successfully achieved," it said. "The total specified bank notes returned from circulation is Rs. 15,310.73 billion."

Rs 15.31 lakh crore of the Rs 15.41 lakh crore in Rs 500 and Rs 1000 notes in circulation on November 8, 2016, when the note ban was announced, have been returned.

This means that Rs 10,720 crore of the banned currency did not return to the banking system.

"Counterfeit notes detected in specified bank notes decreased by 59.7 and 59.6 per cent in the denominations of Rs 500 and Rs 1,000, respectively," said RBI.

"Compared to the previous year, there was an increase of 35 per cent in counterfeit notes detected in the denomination of Rs. 100, while there was a noticeable increase of 154.3 per cent in counterfeit notes detected in the denomination of Rs. 50," it said.


First Published: 30 Aug 2018, 18:17:37

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