Knew it would ruin lives: Mamata on demonetisation

Kolkata: Chief Minister Mamata Banerjee on Friday said the Narendra Modi government's move to demonetise high-value currency notes of Rs 500 and Rs 1,000 was a futile exercise.

On the third anniversary of demonetisation, Banerjee also added that the controversial move triggered an economic disaster. The Chief Minister in a series of tweets argued that demonetisation has led a to a complete slump in the economy and had a very negative impact on the lives of millions of people from all spheres of society.

Remembering the "black day," the Chief Minister tweeted: "Today is the third anniversary of #DeMonetisation Disaster. Within minutes of announcement, I had said that it will ruin the economy and the lives of millions."

She further wrote: "Renowned economists, common people & all experts now agree. Figures from RBI have also shown it was a futile exercise.

"Economic disaster started on that day and look where it has reached now. Banks stressed, economy in a complete slump. All affected. From farmers to the young generation to workers to traders, housewives... everyone is affected."

It may be recalled that within half-an-hour after Prime Minister Narendra Modi announced the note ban, Banerjee in an interview to a vernacular television channel had criticised the decision and called it "anti-people". She had said that the arbitrary decision would bring about an economic disaster for the country. Interestingly, over the years, economists all over the globe have echoed similar thoughts and criticised the note ban. Neither the then Union Finance minister Arun Jaitley nor the Reserve Bank of India could issue statements that explained the decision of note ban. Finally, Reserve Bank of India also acknowledged the futility of the exercise.

People witnessed long queues outside banks and at least 123 people died all over the country while waiting in those lines. The note ban forced many farmers to commit suicide as well.

Banerjee said the country is yet to come out of the trauma of note ban. India's economy is in real bad shape and the Centre has failed to create job opportunities for the youth. The economic slump has affected all sections of people — from farmers to small traders to businessmen and even housewives are badly hit because of the ever-increasing price hike.

The country's growth has been badly hit due to the note ban and the Centre has failed miserably to show any direction. Banerjee said the banks are stressed.

The TMC supremo has been one of the most vocal critics of the Prime Minister's decision to demonetise high-value currency notes.