Nearly 3 lakh crore cash circulation increased after demonetisation: Kapil Sibal

Senior Congress leader Kapil Sibal addressed a press conference at the Congress headquarters and targeted Modi over demonetisation. Sibal said, "Demonetisation will reduce counterfeit notes, eliminate terrorism and black money will be curbed but no objective has been achieved."

New Delhi: While addressing a press conference on Saturday at the Congress headquarters, senior Congress leader Kapil Sibal cuused the Narendra Modi-led government of failing to achieve their desired target. Sibbal said, "When demonetisation was announced, Modi said it will reduce counterfeit notes, eliminate terrorism and black money will be curbed but no objective has been achieved."

He further added: "Modi claimed that the main purpose of demonetisation was to create a cashless society, but on the contrary, in 2016, cash in circulation was 17.97 lakh crore just before demonetisation. Today, it is 21.42 lakh crore, which means, after demonetisation, there was nearly 3 lakh crore increase in cash in circulation."

On November 08, 2016, the Government of India announced the demonetisation of Rupees 500 and Rupees 1,000 banknotes of the Mahatma Gandhi series.