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One Year Of Demonetisation: Government Celebrates, Opposition Denounces

Demonetisation
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It’s been a year since Prime Minister Narendra Modi announced demonetisation in a televised address to the nation on November 8 2016.

In the announcement, PM Modi had declared that use of all Rs. 500 and Rs. 1000 banknotes would be invalid past midnight, and announced the issuance of new Rs. 500 and Rs. 2000 banknotes.

Initially, the move received support from several bankers as well as from some international commentators.

However, the bold move was also severely criticized as poorly planned and unfair, and was met with protests, litigation, and strikes against the government in several places across India.

Debates also took place concerning the move in both houses of Parliament.

The government is celebrating the anniversary of demonetisation as “Anti-Black Money Day”, while the opposition is targeting the government by calling the demonetisation anniversary ‘Black Day’.

The notebandi, which pulled out nearly 86 per cent of the currency in circulation at the time, has been acknowledged by experts as one of the main reasons for the economic lull.

Meanwhile, PM Modi tweeted, “I bow to the people of India for steadfastly supporting the several measures taken by the Government to eradicate corruption and black money.”

A total of eighteen political parties will be carrying out rallies across the nation in protest. Rahul Gandhi will be leading the march from Surat in the poll-bound state of Gujarat.

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