Prime Minister claimed Rs 3 lakh crore “in black money” was pushed out of the system by demonetisation in his 2017 Independence Day Speech.
Reality: RBI revised the figure of cash that was returned to 99.3% leaving just about Rs 10,000 crores of junked cash that could be assumed as black money.
This figure amounted to ONLY 3% of the "black money" that was claimed in the 2017 speech. #3YearsOfDemonetisation
So we lost 100 indian lives, damn near sabotaged the economy, lost lakhs of jobs and all this for what?
3% of the black money in the country. (That too assuming all the money junked was black money which is also probably not true)
The other shifting goalpost was this would help us modernise into a cashless economy. Cut to 2019, we are even more cash dependent as ever, but as a bonus we are also mostly broke and unemployed. Who needs cash when there is no money?
But it's not all negatives. Demonetisation had positives.
1. BJP won Uttar Pradesh elections in 2016 easily. Must have helped that nobody else had any cash lol
2. Vijay Sekhar, CEO of Paytm who took out a full page ad the day after demonetisation thanking PM for the note ban, is now one of India's youngest billionaires
Meanwhile, the coverup continues.
"The PMO has consistently hindered attempts by an RTI activist to garner information on the number of deaths and compensation offered to the families."
https://thewire.in/government/demonetisation-deaths-modi-government
Comrade Gym Bro