Congress Chief Kharge Unveils Startling Connection: PM Modi's 'Japan Journeys' and 'Demonetization' Tied Together by RBI Move

Congress party president Mallikarjun Kharge took a sarcastic dig at Prime Minister Narendra Modi regarding the recent announcement made by the Reserve Bank of India regarding the withdrawal of ₹2,000 currency notes. Kharge commented that each time the Prime Minister visits Japan, he coincidentally implements a notification on demonetisation, popularly known as "note bandi."

 

Kharge made these comments while delivering a speech at the inauguration event of Siddaramaiah's appointment as the chief minister of Karnataka. The ceremony took place in Bengaluru, where the new cabinet members were also being sworn in.

 

Accusing the Prime Minister of being the intended recipient of his criticism, Kharge argued that the recent action taken by the central bank would bring about a similar level of distress to the public, reminiscent of the adverse consequences witnessed during the demonetization of ₹500 and ₹1,000 currency notes in 2016.

 

RAccording to Kharge, Prime Minister Modi has recently implemented a new policy. Whenever he visits Japan, he announces a currency demonetization measure and leaves. During his previous visit to Japan, he introduced a discontinuation of ₹1,000 notes. On his current visit, he has implemented a demonetization of ₹2,000 notes.

 

"The Prime Minister lacks clarity regarding whether the actions he takes will be advantageous or detrimental to the nation. The recent decision made by Modi, similar to his previous demonetization move, is causing significant distress and inconvenience to the public," remarked the leader of the Congress party.

 

Kharge's comment was a veiled criticism aimed at PM Modi's current trip to Japan, where he is participating in the G7 summit of leading industrialized nations in Hiroshima.

 

The comments made by the Congress president echoed the sentiments expressed by fellow party members and other leaders from the opposition, in response to the Reserve Bank of India's recent announcement to remove the ₹2000 denomination banknotes from circulation.

 

This decision has become the latest contentious issue between the Modi government and the opposition, with the latter denouncing the "unilateral" move and claiming that it will negatively impact the economy, similar to the effects of the demonetization in 2016.

 

In 2016, the ₹2,000 banknotes were introduced to address the immediate need for currency after the ₹500 and ₹1,000 notes were invalidated. These new notes were meant to fulfill the urgent monetary demands of the economy.

 

However, as time passed, an adequate supply of banknotes in various other denominations became easily accessible, rendering the continued printing of ₹2,000 notes unnecessary. As a result, the Reserve Bank of India (RBI) decided to halt the production of ₹2,000 banknotes in the fiscal year 2018-19, according to the central bank's statement.

 

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