Archive · 8 Nov 2025
Opposition Marks Demonetisation Anniversary, Calling It 'Biggest Fraud' and 'Disastrous'
Imagine the government took away the most common money people used, like Rs 1000 and Rs 500 bills, a long time ago.
On the anniversary of this decision, politicians from different parties were still very unhappy about it.
They called it a huge mistake, like a 'fraud' or a 'disaster' that hurt many people's jobs and businesses.
One politician reminded everyone that the leader who made the decision, Prime Minister Modi, had asked for about 50 days to check if it worked well.
He even said he would accept punishment if it didn't turn out right.
The critics believe the plan caused a lot of chaos, especially for regular people and small shop owners, and that the country's economy has not fully recovered since.
They also pointed out that the goals of stopping bad money and corruption weren't met.
Opposition parties marked the ninth anniversary of the 2016 demonetisation, criticizing it as a 'disastrous' decision and the 'biggest fraud on Indians'.
Critics claim demonetisation devastated livelihoods, crippled trade and MSMEs, and destroyed the unorganised sector, leading to a loss of economic momentum.
Derek O'Brien shared an excerpt of Prime Minister Modi's 2016 speech where he sought 50 days to assess the impact and stated readiness for punishment if shortcomings were found.
Opposition leaders, quoting Mamata Banerjee, expressed concern about 'financial chaos' and the impact on common people and small traders.
Congress stated the Indian economy lost momentum due to demonetisation and has never fully recovered, accusing the policy of failing to eradicate black money or stop terror funding.
- Who
- Several opposition parties including Congress, Trinamool Congress (Derek O'Brien), and Shiv Sena (UBT) (Uddhav Thackeray), Prime Minister Narendra Modi, Mamata Banerjee.
- What
- Opposition parties criticized the 2016 demonetisation exercise on its ninth anniversary, calling it a 'disastrous Tughlakian decision' and the 'biggest fraud on Indians'. They highlighted its negative impact on livelihoods, trade, and the economy, while citing PM Modi's past statements seeking 50 days for an impact assessment.
- When
- On the ninth anniversary of demonetisation (November 8, 2016), which was the day the article was published.
- Where
- India (Parliament speeches, posts on X, and public statements).
- Why
- Opposition parties are marking the anniversary to reiterate their criticism of the demonetisation policy and its perceived failures.
Opposition Parties (Congress, TMC, Shiv Sena UBT)
Prime Minister Narendra Modi's 2016 Statements
Overall Impact of Demonetisation
Opposition Parties (Congress, TMC, Shiv Sena UBT)
Opposition leaders, including Jairam Ramesh, Derek O’Brien, and Uddhav Thackeray, described demonetisation as a 'disastrous Tughlakian decision', the 'biggest fraud on Indians', that devastated livelihoods, crippled trade and MSMEs, and destroyed the unorganised sector. They claim the Indian economy lost momentum and never recovered, black money and counterfeit money did not decrease, and the goal of a cashless society was not achieved.
Prime Minister Narendra Modi's 2016 Statements
Prime Minister Modi requested 50 days to assess the impact of the decision, stating he would be prepared for punishment if shortcomings or mistakes were found after December 30, 2016.
Effect on Common People and Trade
Opposition Parties (Congress, TMC, Shiv Sena UBT)
Derek O'Brien quoted Mamata Banerjee expressing deep concern about how common people and small traders would buy essentials, calling it 'financial chaos and disaster let loose on the common people'. Jairam Ramesh stated that trade and MSMEs were crippled and the unorganised sector was destroyed.
Prime Minister Narendra Modi's 2016 Statements
The provided excerpt from PM Modi's speech does not directly address the impact on common people and trade, focusing instead on the timeline for assessment and accountability.
Objectives of Demonetisation
Opposition Parties (Congress, TMC, Shiv Sena UBT)
Critics like the Congress party accused Prime Minister Modi of not achieving the desired results of demonetisation, such as eradicating black money and stopping its use for funding terror.
Prime Minister Narendra Modi's 2016 Statements
The provided excerpt from PM Modi's speech focuses on his request for 50 days for assessment and his willingness to face consequences, rather than detailing the specific objectives.
- Event
- Demonetisation
- Date of Announcement
- November 8, 2016
- Announced By
- Prime Minister Narendra Modi
- Currency Denominations Banned
- Rs 1,000 and Rs 500 notes
- Percentage of Currency in Circulation Affected
- Approximately 86%
- Anniversary Marked
- Ninth anniversary (on the day the article was published)
- Key Critics
- Congress, Trinamool Congress, Shiv Sena (UBT)
