Has The Government Accepted That Demonetisation Is A Failure?

It's been more than two years since Demonetisation happened. On 8th November 2016, notes of ₹500 and ₹1000 were declared to be of no us...

It's been more than two years since Demonetisation happened. On 8th November 2016, notes of ₹500 and ₹1000 were declared to be of no use. Public rage followed the incident, opposition criticised the step a lot, BJP used it as a marketing tool. Questions that came into view raised concerns if a move as big and as revolutionary demonetization was required and if required, is the government aware of its consequences well. 2016 might get people busy standing in queues getting a little time to think over the concern but 2018 surely has got answers with it.

A member of parliament from Communist Party of India -Mr P Karunakaran and Samajwadi party's Tej Pratap Singh Yadav raised concerns the Government has assessed/studied the impact and after effects of demonetisation on the economy and Minister of State for Finance -Mr Pon Radhakrishnan's response to the question was indeed disheartening. The minister without decorating things with lies directly said, "No."

“As per data published in Annual Report 2017-18 of the Reserve Bank of India, the total value of Specified Bank Notes (SBNs) in circulation as on November 8, 2016, post verification and reconciliation, was Rs 15,417.93 billion, and the total value of SBNs returned from circulation was Rs 15,310.73 billion,” he continued.

Previously, the Union Agriculture Ministry had accepted that demonetisation had affected farmers very bad. As per Business Today, only when farmers were to sell their Kharif crops or sow the Rabi crops, demonetisation came into its play. Both these crops had needed a huge amount of money but the decision to stop circulating notes of Rs 500 and Rs 1000 ruined the plans and they could not process their activities. Demonetisation had affected many people from many fields but the situation of farmers has never been to accept losses.