Who Will Hear The Misery Of The Working Classes?
Northeast Today|August 2020
Who Will Hear The Misery Of The Working Classes?
On 9th of November, 2016, Prime Minister Narendra Modi banned the then prevailing five hundred and one thousand notes and thus announced demonetization.
Kishor Kumar Kalita

With the intention of prohibiting black money in the country, this demonetization has ravaged the entire economic system of the country and hundreds of people died as a result of this authoritarian decision. Though thousands of farming productions, small and medium scaled industries were closed down as a result of this harsh decision but Modi's popularity, even for an inch, didn't decrease. Rather, on the 2019 Lok Sabha election, Modi-led Bharatiya Janata Party was able to win the election with an absolute majority. It is important for us to remember that on 2018 the Reserve Bank of India produced a report on demonetisation. According to this report, India's 15.30 lakh crore notes out of 15.81 lakh crore notes were deposited in the banks as a result of this demonetisation. 99.3% of the notes deposited in the banks consisted of five hundred and one thousand denominations. The overall amount that was not deposited even after demonetisation was 10,720 crore rupees. (Source: Prabash Kamal Dutta, 'Demonetisation: What India gained and lost'. India Today, 30th August 2018)


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August 2020