 "rupee, economy, cash, demonetisation, note ban")
Opposition parties on Wednesday lashed out at the government after the RBI's annual report revealed the low efficacy of November 8 demonetisation, with the Congress demanding an apology from Prime Minister Narendra Modi.
Trinamool Congress supremo and West Bengal Chief Minister Mamata Banerjee called it a "big scam" while the Communist Party of India-Marxist called it an "anti-national act".
Former Union Finance Minister and senior Congress leader P. Chidambaram said only one per cent of the junked notes had not returned to the RBI which he said was a "shame".
Chidambaram said 99 per cent of the scrapped Rs 500 and Rs 1,000 notes had been legally exchanged and asked if the Modi government's demonetisation decision was "designed to convert black money into white".
In a series of tweets, Chidambaram said the cost of printing new currency was more than the money gained by the Reserve Bank of India.
"Rs 16,000 crore out of demonetised notes of Rs 1,544,000 crore did not come back to the RBI. That is 1 per cent. Shame on the RBI which 'recommended' demonetisation.
"RBI 'gained' Rs 16,000 crore, but 'lost' Rs 21,000 crore in printing new notes! The economists deserve a Nobel Prize," Chidambaram said sarcastically.
He said: "99 per cent notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?"
Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which 'recommended' demonetisation
— P. Chidambaram (@PChidambaram_IN) August 30, 2017
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RBI 'gained' Rs 16000 crore, but 'lost' Rs 21000 crore in printing new notes! The economists deserve Nobel Prize.
— P. Chidambaram (@PChidambaram_IN) August 30, 2017
99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?
— P. Chidambaram (@PChidambaram_IN) August 30, 2017
The RBI said on Wednesday that of the Rs 15.44 lakh crore taken out of circulation, Rs 15.28 lakh crore had returned to the system by way of public deposits.
Congress leader Randeep Singh Surjewala sought Modi's apology on demonetisation, saying it had dented India's credibility and the corrupt made windfall gains while 104 innocent people lost their lives in the "disaster".
Surjewala took jibes at the Prime Minister through tweets while referring to his Independence Day speech in which he said black money of Rs 3 lakh crore had been unearthed after demonetisation.
He also referred to Modi's past speech with a headline -- "Give me 50 days, burn me alive if I am wrong".
Accusing Modi of obfuscation, Surjewala said figures given by the RBI had again exposed the government.
Surjewala said former Prime Minister Manmohan Singh's prediction that demonetisation will reduce Gross Domestic Product by two per cent had proved true and the Indian economy "suffered due to this massive folly".
"Reality-RBI data released today proves only Rs 16,000 crore of the Rs 15.44 lakh crore money in circulation came back. Of this, Rs 9,000 crore still stuck. Perspective: This Rs 16,000 crore is just 1 per cent of the total notes demonetised. Rs 21,000 crore spent to recover Rs 16,000 crore!" Surjewala tweeted.
Rewind: Modiji's obfuscation exposed once again. On Ind. Day, PM claimed to have unearthed ₹3 Lakh Cr black money post #Demonetisation. 1/n pic.twitter.com/4McUB9fNyE
— Randeep S Surjewala (@rssurjewala) August 30, 2017
Reality-RBI data released today proves only ₹16000Cr out of the 15.44 Lakh Cr money in circulation came back.Of this,9000 Cr still stuck.2/n https://t.co/hSeu58X2DH
— Randeep S Surjewala (@rssurjewala) August 30, 2017
Perspective:This ₹16000Cr is just 1% of the total notes demonetised. खोदा पहाड़,निकला 1% चूहा! ₹21000 Cr spent to recover ₹16000 Cr! 3/n
— Randeep S Surjewala (@rssurjewala) August 30, 2017
Utterly failed #Demonetisation is nothing but a disaster in which 104 innocent people were killed while 'Corrupt' made 'Windfall Gains'. 4/n
— Randeep S Surjewala (@rssurjewala) August 30, 2017
Demonetisation Scam,not only dented institutional sanctity of RBI,but also credibility of India abroad.PM should apologise to the nation 5/n
— Randeep S Surjewala (@rssurjewala) August 30, 2017
— Randeep S Surjewala (@rssurjewala) August 30, 2017
Dr Manmohan Singh predicted that #Demonetisation will reduce GDP by 2% and it did. Only the Economy suffered due to this massive folly! 6/n
#DemonetisationDisaster stands exposed before the nation. PM Modi must own responsibility & apologize. My statement-: pic.twitter.com/KoUVaueFeT
— Randeep S Surjewala (@rssurjewala) August 30, 2017
Mamata Banerjee said on Twitter and Facebook: "Is not the RBI's revelation this evening on demonetisation pointing to a big scam? I feel it was a total flop show."
Is not the RBI’s revelation on #DeMonetisation pointing to a big scam? I feel it was totally a flop show https://t.co/2GMc6ThFNB
— Mamata Banerjee (@MamataOfficial) August 30, 2017
CPI(M) General Secretary Sitaram Yechury said the Modi government cannot be forgiven for demonetisation.
99.9% of the notes back in the banking system. 100s died in queues. The poor suffered the most. All this for what? https://t.co/cwnfHEGWD1
— Sitaram Yechury (@SitaramYechury) August 30, 2017
Lives & livelihoods lost, the Economy got a shock, workers lost their jobs. India can never forgive Modi govt for this anti-national act.
— Sitaram Yechury (@SitaramYechury) August 30, 2017
"99.9 per cent of the notes back in the banking system. 100s died in queues. The poor suffered the most. All this for what? Lives and livelihoods lost, the economy got a shock, workers lost their jobs. India can never forgive Modi government for this anti-national act," Yechury said on Twitter.
"Boasts on end to black money, terror and counterfeit currency have all fallen flat. Despite RBI's delays, the truth is out," he added.
According to the RBI annual report for the last fiscal, 89 million pieces of the banned Rs 1,000, totalling Rs 8,900 crore, had not been returned, out of 6,700 million such notes. This amounts to 1.3 per cent of the Rs 1,000 notes in circulation before demonetisation.
