Opposition figures argue that the 2016 currency ban degraded domestic economic momentum and harmed traders while failing to curb cash usage, which reportedly grew by 70 percent. In defense, the central government maintains that the initiative curbed tax evasion and yielded nearly Rs 8,000 crore in detected undisclosed income. The economic dispute unfolded alongside bitter state-level exchanges, during which the ruling administration accused previous Samajwadi Party regimes of running corrupt recruitment syndicates.
Key points
The political opposition asserts that demonetisation operated as slow poison that severel…: The political opposition asserts that demonetisation operated as slow poison that severely disrupted small enterprises and commercial banks.
The central government points to elevated income tax filings and anti-evasion asset recov…: The central government points to elevated income tax filings and anti-evasion asset recoveries as concrete proof of the policy's success.
Regional leadership in Uttar Pradesh continues to clash over historical recruitment pract…: Regional leadership in Uttar Pradesh continues to clash over historical recruitment practices, nepotism allegations, and past law-and-order performance.
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NEW DELHI: Samajwadi Party chief Akhilesh Yadav on Wednesday renewed his criticism of the 2016 demonetisation exercise, calling it the "biggest corruption scandal in the world" and alleging that it had damaged banks, small traders and micro, small and medium enterprises (MSMEs).Addressing a press conference in Lucknow, Yadav invoked his "Khajanchi" jibe against demonetisation, marking 10 years of the child associated with his criticism of the currency ban.He said the Bharatiya Janata Party (BJP) should adopt Khajanchi and celebrate his birthday, while accusing the party of failing to acknowledge the consequences of the policy.
"Today Khajanchi turned 10. We have been celebrating its birthday since the beginning, but sadly the Bharatiya Janata Party has never celebrated Khajanchi's birthday. Bharatiya Janata Party should adopt it, but not how their MPs adopted villages," Yadav said.He alleged that demonetisation had increased cash circulation and described the exercise as "slow poison" for the economy. He also claimed that the move had been intended to "sink the banks".
Yadav alleges damage to banks, MSMEs
The SP chief questioned the government's banking reforms, including the merger…
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