Tughlakian decision, devastated livelihoods of crores: Cong on 9th anniversary of demonetisation

The Congress on Saturday said the demonetisation announced on this day nine years ago was a ''disastrous Tughlakian decision'' that devastated the livelihoods of crores of Indians, besides crippling trade and micro, small and medium enterprises (MSMEs).

Congress general secretary Jairam Ramesh said the Indian economy lost its momentum on account of the ''Notebandi'' and has never really recovered after that.

''Today is the 9th anniversary of the singularly disastrous, Tughlakian decision relating to demonetisation.

''The livelihoods of crores of Indians were devastated. Trade and MSMEs were crippled. The unorganised sector accounting for over 92 per cent of total employment was destroyed. The amount of black and counterfeit money didn't reduce. The slogan of cashless became meaningless. The 2,000 rupee note that was introduced has been withdrawn,'' Ramesh said in a post on X.

''The Indian economy lost its momentum on account of Notebandi. It has never really recovered,'' he added.

The Congress has been critical of the decision and has accused Prime Minister Narendra Modi of not achieving the desired results of demonetisation, which included eradicating black money and stopping its use for funding terror.

Modi announced demonetisation on November 8, 2016, stopping the currency notes of Rs 1,000 and Rs 500 from circulation and announcing that they will not be legal tenders any longer.