Demonetisation has led to loss of face for the government, says Shiv Sena | mumbai news | Hindustan Times
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Demonetisation has led to loss of face for the government, says Shiv Sena

The Reserve Bank of India (RBI) recently disclosed that 99 per cent of the demonetised Rs1,000 and Rs500 notes have been returned to the banking system.

mumbai Updated: Sep 01, 2017 13:37 IST
HT Correspondent

The Shiv Sena on Friday slammed the Narendra Modi-government over demonetisation, stating that the decision to ban the Rs1,000 and Rs500 notes failed to “propel the economy like a racehorse” as promoted by the Centre, and has become a loss of face for the government.

The Reserve Bank of India (RBI) disclosed that 99 per cent of the demonetised Rs1,000 and Rs500 notes have been returned to the banking system. On November 8, 2016, Prime Minister Narendra Modi announced that the Rs1,000 and Rs500 notes will not be legal tender from November 9.

Sena, in an aggressive editorial in its mouthpiece ‘Saamana’, which is the party’s mouthpiece, said that the party was the first to criticise the decision, pointing out that it would severely hamper the economy of the country, but people speaking against the demonetisation were described as anti-nationals.

“Nearly 99% of the demonetised currency is back in the system. The remaining one percent was not black money. The common man got tired of standing in the queue, or the time period to deposit old notes was less. So the people who spoke the rude language of demonetisation should seek a public apology,” the editorial read.

The Sena attacked Modi, saying that the PM announced the demonetisation as a “historic” move to tackle the spread of counterfeit currency. “When note ban was announced, it promised two things. One, that it would break the financial backbone of the Pakistan-sponsored terrorist groups. Instead, our soldiers died on the borders. And second, that it would curb the supply of counterfeit currency. From the first day after the new Rs 2,000 notes were introduced, fake notes were in the system,” the editorial added. It added that as many as 7,62,072 pieces of counterfeit notes were detected in the banking system.