It is been three years since the “Demonetisation” was announced on this very date of November 8th in the year 2016. The INR 500 and INR 1000 notes seized to be the legal tender (which accounted for around 86% of money in circulation), and we all were shocked hearing the PM Modi making the announcement.
The government named it a surgical strike on black money and terror financing while the public was made to suffer, standing in queue for hours to get the currency exchanged. On the 3rd anniversary of the demonetization, Twitteratis expressed their feelings by trending #DeMonetisationDisaster and #3YrsOfDeMoDisaster.
India’s Outlook cut to Negative by Moody’s.— Shama Mohamed (@drshamamohd) November 8, 2019
Even 3 years after Demonetisation, the fallout of the most disastrous economic policy decision in India’s history can still be felt!#DeMonetisationDisasterhttps://t.co/EoPBivVJ5G
As the #DeMonetisationDisaster completes 3 years,we are yet to see any of its benefits.— Rajeev Satav (@SATAVRAJEEV) November 8, 2019
This #ModiMadeDisaster claimed lives of innocent people & also destroyed economy to an extent that its effects are being felt even today in the form of economic slowdown in various sectors.
Many people died while facing the pressure of standing in queues for hours and the daily wage earners were made to go resourceless for days. Banking staff was under full pressure and the government kept promoting the move as a massive blow on black marketers and terrorism.
3 years ago TODAY, a megalomaniac ruined our economy and made millions suffer.
150 people died, waiting in queue to get their hard earned money and the nation has still not recovered from the biggest blunder of this century #DeMonetisationDisaster pic.twitter.com/u1Da6xcemz— 🇮🇳Omkar Yadav 🇮🇳 एक आम भारतीय🇮🇳 (@OmkarAap) November 8, 2019
The claims of the government and the anger of the public burst out when sometimes later after the exercise happened RBI (Reserve Bank of India) released a report. The report by RBI showed that 99% of the currency in circulation came back to the formal economy (or banks). The economy of India which was fastest-growing in the world before the practice of demonetization lost its growth rate and in recent times is witnessing a slowdown.
Having faced demonetization earlier in its history post-independence India would surely remember the 2016 one due to the massiveness of its impact on the public. Let us know what are your views on completion of three years of “demonetization”.