The Congress party termed demonetisation as the ‘biggest scam’ and accused Prime Minister Narendra Modi of misleading the people, saying that he had repeatedly made false statements on the decision to junk high-value currency. Senior Congress leader Anand Sharma said the Prime Minister had made ‘false remarks’ in his Independence Day speech about the quantum of black money that was unearthed after Rs 500 and Rs 1,000 notes were scrapped on November 8 last year.
Sharma said demonetisation had led to a loss of GDP of Rs 2.25 lakh crore and the Prime Minister was directly responsible. He said that people will accept the truth, they can also accept that a mistake has been made, but it is wrong to state repeatedly that everything done was right. Sharma's remarks come after the RBI's annual report on Wednesday revealed low efficacy of the November 8 demonetisation. It said that of the Rs 15.44 lakh crore taken out of circulation, Rs 15.28 lakh crore had returned to the system by way of public deposits.
He said the Attorney General had told the Supreme Court that due to demonetisation an amount of Rs 4-5 lakh crore related to terror funding will not come back to the system. Sharma said that the government has not spoken the truth at every step. People have been misled, inconvenienced. This has been the biggest scam. Those who had illegal money, the government has helped them make it legal.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: