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Mainstream, VOL LVI No 38 New Delhi September 8, 2018

CPI Demands Modi Government’s Reply to RBI Disclosure

Sunday 9 September 2018

The National Secretariat of the Communist Party of India issued the following statement on August 29, 2018.

The official information of the Reserve Bank of India that 99.3 per cent currency in circulation at the time of note ban has come back to the Bank, exposes the tall claim of the Prime Minister and Finance Minister that black money got into trouble and the money to extremists has stopped due to demonetisation.

The Reserve Bank should explain how much is deposited by the NRIs in the Bank that are not paid back. The RBI should also explain as to how about Rs 16 lakh crore currency in circulation at the time of demonetisation has now become Rs 19 lakh crore.

Demonetisation only took the lives of a hundred people, destroyed small businesses of marginalised people, threw millions of unorganised labour into crisis. The Prime Minister should apologise to the nation for the grave miscalculation of demonetisation that created chaos and injured the economy of the nation. It was a misadventure.

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