Arunachal Congress chief terms demonetisation as 'policy failure'

The Arunachal Pradesh Congress Committee president Bosiram Siram on Saturday termed the demonetisation in 2016 as the most ''misguided and destructive'' economic decision which caused ''profound economic disruption and widespread hardship'' to the people.

Siram urged the people of the state to observe November 8 as 'Black Day' in memory of those whose lives and livelihoods were destroyed, and to reaffirm commitment towards protecting economic stability and democratic accountability.

He claimed that none of the government's stated objectives, eradicating black money, ending corruption, stopping terror financing, or removing counterfeit currency, were achieved by demonetisation.

''Demonetisation did not strike black money; it struck the backbone of India’s real economy, the poor and the working class,'' he said in a statement.