Pointing to information on faux foreign money notes in Reserve Financial institution of India’s annual report, Trinamool Congress chief Derek O’Brien took a swipe at Prime Minister Narendra Modi over his declare that demonetisation would push digital transactions and wipe out faux foreign money.
Mr O’Brien shared a desk graphic that confirmed that the variety of faux Rs 500 notes doubled between this 12 months and the final. Throughout the identical interval, the variety of faux Rs 2,000 notes jumped by 54 per cent.
Namaskar Mr PM @narendramodi DEMONETIZATION ?
Bear in mind ? And the way @MamataOfficial swiftly took you on ?
The way you promised the nation Demo would WIPE OUT ALL COUNTERFEIT CURRENCY.
This is the most recent RBI report stating the large enhance in counterfeit notes????
— Derek O’Brien | ডেরেক ও’ব্রায়েন (@derekobrienmp) Could 29, 2022
“Namaskar Mr PM @narendramodi DEMONETIZATION ? Bear in mind ? And the way @MamataOfficial swiftly took you on? The way you promised the nation Demo would WIPE OUT ALL COUNTERFEIT CURRENCY. This is the most recent RBI report stating the large enhance in counterfeit notes,” the Rajya Sabha MP tweeted.
The info cited within the tweet was sourced from the most recent annual report launched by the RBI.
“In comparison with the earlier 12 months, there was a rise of 16.4 per cent, 16.5 per cent, 11.7 per cent, 101.9 per cent and 54.6 per cent within the counterfeit notes detected within the denominations of Rs 10, Rs 20, Rs 200, Rs 500 (new design) and Rs 2000, respectively. The counterfeit notes detected within the denominations of Rs 50 and Rs 100 declined by 28.7 per cent and 16.7 per cent, respectively,” the report acknowledged.
The Narendra Modi authorities’s demonetisation transfer had shocked the nation and compelled hundreds of thousands to queue up outdoors banks to withdraw their hard-earned cash. The sudden announcement led to chaos, panic and hardships as folks ran from one financial institution to the opposite.
Saying the transfer, Prime Minister Modi had pointed to the menace of pretend foreign money notes and the way terrorists had been utilizing this route for transactions.
He had stated that the word ban was aimed toward decreasing money transactions to crack down on black cash and corruption.
The Prime Minister had stated demonetisation was a possibility the place each citizen can be part of a “mahayajna” in opposition to corruption, black cash and faux notes.
Nevertheless, regardless of the promise to scale back money transactions, the worth and quantity of notes in circulation has continued to extend for the reason that November 8, 2016 transfer.
Between November 8, 2016 and October 29, 2021, the notes in circulation in worth phrases elevated by 64 per cent, authorities information has proven.
Trinamool chief and West Bengal Chief Minister Mamata Banerjee was among the many main voices of protest in opposition to the demonetisation transfer. Quickly after the Prime Minister’s announcement, she had termed the choice “draconian” and known as for its withdrawal. Focusing on the Prime Minister, she had stated the transfer was a “drama” to “divert his failure” as a result of he could not get again black cash from overseas as promised throughout elections.