Release white paper on demonetisation: Alagiri

CHENNAI: Tamil Nadu Congress Committee (TNCC) president K S Alagiri has asked Prime Minister Narendra Modi to release a white paper on the impact of the disastrous demonetisation announced by him.

Stating that it was essential to review the impact and ill-effects of demonetisation during the last six years, Alagiri said that as per the report of the RBI released on May 27, 2022, prevalence of Rs 500 denomination fake currency notes increased by 101.93% and Rs 2,000 denomination fake currency notes by 57%. RBI report has documented the increase in fake currency circulation, contrary to the claim that demonetisation would eradicate it, the TNCC chief added.

Citing the RBI statistics suggesting that currency to the tune of Rs 30.88 lakh crore was in circulation in the country now, against the Rs 17.7 lakh crore in 2016, Alagiri, in a statement said that cash circulation among the people has increased by 71.84%, which is contrary to the claim of the Prime Minister that bank transaction would increase among the people.

Recalling the famous statement of the Prime Minister that he would retrieve Rs 85 lakh crore stashed abroad and deposit Rs 15 lakh each in the account of the people, the TNCC chief borrowed the quote of former Pirme Minister Manmohan Singh that demonetisation was an organised loot and legal fraud and said that Modi should release a white paper on the impact and ill-effects of demonetisation and state his position to the people.