Now Reading: Demonetisation at 10: Congress leader questions economic gains
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Demonetisation at 10: Congress leader questions economic gains
The Story in Brief
On the tenth anniversary of demonetisation, Telangana Government Advisor and senior Congress leader Mohammed Ali Shabbir criticised the 8 November 2016 currency ban, saying it caused widespread economic hardship without delivering on its promised objectives. Shabbir Ali said the decision invalidated nearly 87% of India’s currency in circulation by value and questioned the government's record on tackling black money, corruption, counterfeit currency and terror financing.
Citing RBI data, Shabbir Ali noted that 99.3% of the invalidated currency, amounting to approximately Rs 15.31 lakh crore, returned to the banking system. He also referenced academic research estimating a reduction of at least two percentage points in employment and economic activity in the final quarter of 2016, and a decline of around 16% in agricultural market trade values in the short term. He demanded a comprehensive assessment from the Union Government on the policy's economic costs and measurable benefits.
Separately, ETV Bharat reported that the government justifies demonetisation as a move to eradicate corruption, black money and counterfeiting. The report noted that 99.3% of the Rs 15.42 lakh crore in demonetised currency returned to the banking system, and that UPI transactions rose from about two million in December 2016 to 24.07 billion in September 2026. The Supreme Court upheld the decision by a 4:1 majority.
Indian Opinion Analysis
ETV Bharat's coverage presents a broad factual overview of demonetisation's effects, listing both the government's justification and the documented economic disruption, including employment losses and the return of 99.3% of currency. INDToday's article is a critical political intervention, led by Congress leader Shabbir Ali, who demands accountability and cites academic research on employment and agricultural losses. ETV Bharat does not attribute specific criticism to any political figure, while INDToday frames the anniversary as a moment for the government to disclose the policy's costs and benefits. The balanced reading: the government's stated goals are contrasted with Shabbir Ali's call for a detailed impact assessment, with no new official data released on the anniversary.
Coverage: 2 sources, 1 government-critical, 1 neutral
Sources (2): etvbharat.com (neutral report), indtoday.com (government critical)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
