Demonetisation led to financial anarchy, says Uddhav Thackeray

Mumbai: In the wake of the RBI report that 99.3 per cent of junked currency notes have returned to the banking system, the Shiv Sena on Friday sought to know what penance Prime Minister Narendra Modi would undertake for plunging the country into “financial anarchy” through demonetisation.

The Sena said that the note ban caused immense losses to the economy, impacted industry, resulted in the fall of the rupee to its lowest level since independence, and led to over a hundred people losing their lives. Still, the rulers were boasting about development.

“Since demonetisation plunged the country into financial anarchy, what penance will Prime Minister Narendra Modi undertake to keep his promise to the country? The note ban exercise was carried out to gain popularity!” the Sena said in an editorial in the party mouthpiece Saamana on Friday.

Sena chief Uddhav Thackeray referred to Mr Modi’s speech in Goa in November 2016, where he appealed to people to cooperate with him for 50 days (till December 30) and punish him if his intentions were wrong. “I have only asked for 50 days. Give me time till December 30. After that, if any fault is found in my intentions or my actions, I am willing to suffer any punishment given by the country,” Mr Modi had said.

Thackeray said that demonetisation spelled trouble for the country and that decisions relating to the country's economy should not be taken in a hurry. “The note ban butchered the country's economy. The Reserve Bank has also put a stamp of approval on this,” he said.

“Mr Modi had claimed that demonetisation was meant to permanently end corruption, black money and fake notes. However, all these things have increased in the last two years. It was also claimed that the note ban would bring down terror activities in Kashmir and peace would prevail in the Valley; those claims, too, proved hollow,” Thackeray said.