HYDERABAD: Describing demonetisation as an ill-conceived and poorly executed plan, Congress MP Uttam Kumar Reddy on Monday said that the BJP-led Central government has finally admitted its failure in achieving all the objectives of demonetisation it implemented in November 2016, and demanded that Prime Minister Narendra Modi apologise to the nation for causing hardships to the common people.
Responding to the written reply given by Union Finance Minister Nirmala Sitharaman to a question raised by him in the Lok Sabha, Uttam said that the statistics pertaining to currency in circulation (CiC) and the value of notes in circulation (NiC) provided by the Finance Minister clearly shows that none of the objectives of demonetisation were achieved.
Quoting Finance Minister’s reply, he said that while the CiC in March 2016 was Rs 16,63,300 crore, it stood at Rs 31,33,691 crore in March 2022. He pointed out that the reduction in CiC was visible only for a year when it decreased to Rs 13,35,200 crore in March 2017, and it went on increasing every year.