Demonetisation a big failure, centre confesses in parliament

The Central government itself has confessed In the Parliament that decision to demonetise currency was a big failure.

The cash transactions doubled in the last six years. The decision to demonetise has killed 108 people who stood in the queue to change their old currency and 62 lakh people lost their livelihood. All it could yield was only Rs. 250 crore but the economy suffered a loss of Rs. 5 lakh crore.

Prime Minister Modi announced demonetising Rs. 500 and Rs. 1,000 notes in 2016 and he has asked the people to give him 50 days time. If his decision does not yield any result, he is ready for any kind of punishment.

Economics Nobel laureate Amartya Sen said it was an autocratic decision and it did not yield any positive results. It has eroded the faith of people in the country’s economic system.

Former Governor of the Reserve Bank of India (RBI) Raghuram Rajan said it was a bad decision. Despite his warning, the government went ahead.

Former RBI Governor Y V Reddy said the decision has nothing to do with the black money. The Modi government just went on boasting but achieved nothing in the end.

Supreme Court former judge BV Nagaratna said the demonetisation decision was against the law. The decision should have been taken in Parliament after a thorough discussion. It only had a very bad effect on the lives of common people.

By Gollapudi Srinivasa Rao

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