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Demonetisation a 'still born child', a complete failure: Cong

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New Delhi | Wednesday, Dec 7 2016 IST
Terming demonetisation as a 'still born child' of the NDA Government at the Centre, the Congress today said Prime Minister Narendra Modi had been 'hit wicket' on his three aims of tackling black money, fake currency and 'terror funding. Talking to reporters here, AICC spokesperson Sushmita Deb said,''a month after Mr Narendra Modi's unilateral declaration of 'Note Ban', it has been conclusively proved that the BJP Government has given birth to a still born child-demonetisation. This while demonetisation exercise is a complete failure and yielded nothing. It has battered the economy, caused grave inconvenience to crores of people, caused the death of 84 people and resulted in loss of lakhs of jobs.'' Ms Deb said the statement by the Revenue secretary that the entire cash withdrawn from the system will be deposited back into the system showed that the entire demonetisation exercise had been a complete failure. ''On November 8, when the Prime Minister announced this scheme, 'Black money' was mentioned in his speech 18 times. India was told that the entire exercise is being conducted on black money and corruption; fake currency and terror funding. But all these three wickets which Mr Modi pitched to launch this failed scheme have come crumbling down. All these three wickets have fallen and Modi ji is out on a hit wicket. Also, the statement by Revenue secretary Hasmukh Adhia that the entire cash withdrawn from the system will be deposited back into the system showed that the entire demonetisation exercise is a complete failure,'' Ms Deb said. She alleged that the statement by the revenue secrteary had come as a 'final blow' for the Government which was vying for a windfall gain to reduce their NPAs and strengthen the fiscal situation of the nation. ''The Government, which was vying for a windfall gain to reduce their NPAs and strengthen the fiscal situation of the nation, will not be able to make any gain or profit in this scenario. The Reserve Bank of India has today announced that there will be no change in repo rates, which effectively means that no interest rates would be reduced by various banks. Hence, there will be no gain for the ordinary middle class who pays EMIs for their bank loans,'' she said. She said the entire exercise had resulted in a loss of Rs 1.28 lakh crore as per the Centre for monitoring the Indian economy (CMIE) and millions of 'man hours' have been wasted. ''Modiji says there is 'no gain without pain'. However, the economy has suffered a lot of pain because of such a failed policy,'' Ms Deb said.UNI AR AE 1814

-- (UNI) -- C-1-1-DL0092-1055413.Xml

 
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