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Cong wants PM to apologise for demonetisation failure

8/29/2018

New Delhi, The Congress on Wednesday demanded that Prime Minister Narendra Modi should tender an apology for the note ban exercise after the Reserve Bank of India revealed that 99.3 per cent of the demonetised currency notes had returned to the banking system. 'We want to ask the Prime Minister who is accountable for the 'monumental folly' which demolished the small and medium scale sector and destroyed the Indian economy and brought no gains to the country," AICC spokesperson Manish Tewari told reporters here. "He should take the moral responsibility for the action and should apologise to the country for conducting a surgical strike on the indian economy.' The RBI, in its Annual Report for 2017-18 said that as much as 99.3 per cent of the demonitised Rs 500 and Rs 1000 notes worth Rs 15.31 lakh crore have returned to the banking system. "This means that demonetisaton yielded a gain of Rs 10,000 cr. However, when one considers the fact this 99.31 per cent excludes the money deposited in the district cooperative banks and that deposited in Nepal and Bhutan, it is possible that including this money could mean that more than 100 per cent of the demonetised currency may have come back into the system,' Mr Tiwari said.

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