New Delhi – The Congress party launched a scathing attack on Prime Minister Narendra Modi following the recent announcement by the Reserve Bank of India (RBI) regarding the withdrawal of Rs 2,000 currency notes from circulation. The party termed the move “typical of our self-styled Vishwaguru” and accused the Prime Minister of implementing policies without sufficient forethought.
Referring to the previous demonetization exercise on November 8, 2016, when the legal tender status of Rs 500 and Rs 1,000 banknotes was abruptly revoked, a Congress MP likened the recent decision to a “second demonetization disaster.” The introduction of the Rs 2,000 notes had initially garnered much attention and enthusiasm, but its subsequent withdrawal has ignited criticism and concern among opposition ranks.
Jairam Ramesh, the Congress general secretary, took to Twitter to express his discontent, stating, “Typical of our self-styled Vishwaguru. First Act, Second Think (FAST). 2000 rupee notes introduced with such fanfare after that singularly disastrous ‘Tughlaqi firman’ of Nov 8, 2016, are now being withdrawn.” Ramesh’s remark reflects the sentiment that the Prime Minister tends to rush into decisions without adequately considering their long-term implications.
Echoing similar sentiments, Congress MP Manickam Tagore tweeted, “Second Demo disaster starts… M = Madness.” The statement indicates the growing apprehension within the Congress party and its supporters, who view the withdrawal of the Rs 2,000 notes as a potential misstep by the government.
The Reserve Bank of India’s decision to withdraw the Rs 2,000 denomination notes from circulation allows individuals to either deposit them in bank accounts or exchange them until September 30. The introduction of the Rs 2,000 notes in November 2016 aimed to address the immediate currency requirements of the economy following the sudden withdrawal of Rs 500 and Rs 1,000 notes at that time.
The Congress party’s criticism stems from concerns that the move will have adverse effects on the economy, similar to the aftermath of the 2016 demonetization exercise. The sudden withdrawal of high-value banknotes four years ago led to severe disruptions in various sectors, causing economic turmoil and hardships for millions of citizens.
While the government has not explicitly stated the reasons behind the withdrawal of the Rs 2,000 notes, it is anticipated that concerns regarding counterfeit currency, black money, and the need to promote digital transactions could be potential factors influencing the decision.
As the political discourse intensifies, the withdrawal of the Rs 2,000 notes is expected to become a focal point of debates and discussions in the coming days. The opposition’s criticism and skepticism serve as a reminder of the challenges faced by the government in implementing policies that have a significant impact on the nation’s financial system and its citizens.
It remains to be seen how the Modi government responds to the criticism and whether it will provide further clarification on the rationale behind the withdrawal of the high-denomination notes. In the meantime, the country awaits the unfolding of events as stakeholders gauge the potential consequences of this decision on the economy and the lives of ordinary citizens.
