New Delhi | Jagran Business Desk: Three years ago, Prime Minister Narendra Modi on this day that is November 8, had announced that Rs 500 and Rs 1,000 currency notes, 86 per cent of all currency notes in circulation in value, would cease to be legal tender.

The Prime Minister stated that the objective of this move was unearthing black money and cracking down on counterfeit currency. The move faced strong reactions both in favour and against it. While some people hailed the move, some criticised it saying that the move was hurting the economy of the country.

Even after three years of the unprecedented move of the government, people criticise it saying that the government was not able to achieve the desired objectives. 

Priyanka Gandhi Vadra today hit out the Modi government for claiming that demonetisation was a "slayer of all evils", saying it proved to be a "disaster" that has all but destroyed the economy.

"3 years since Demonetisation and every claim made by the government and those hailing it as a slayer of all evils has been turned on its head. It proved to be a disaster that has all but destroyed our economy," Priyanka Gandhi said in a tweet.

Priyanka's brother Rahul also attacked the government on the third anniversary of demonetisation and said the move destroyed the country leaving millions of Indians unemployed.

"It’s 3 years since the Demonetisation terror attack that devastated the Indian economy, taking many lives, wiping out lakhs of small businesses and leaving millions of Indians unemployed. Those behind this vicious attack have yet to be brought to justice," said Rahul in a Tweet.

Meanwhile, the debate on the impacts of demonetisation is on. Recently a survey by LocalCircles found out that, 66 per cent of the people believe that it had a negative impact on the economy while 28 per cent believe that it didn’t.

The survey, with a sample size of about 50,000 respondents from across India, came on the eve of the third anniversary of demonetisation. The survey further found that 32 per cent of respondents believe that demonetisation caused loss of earnings for many unorganised sector workers.

Regarding the top benefits of the demonetisation, 42 per cent people said it brought a large number of evaders in the tax net, while 25 per cent felt the move had no benefits at all. Meanwhile, 21 per cent of the respondents believed that demonetisation has reduced black money in the economy and 12 per cent said it increased direct tax collection.

However, the Reserve Bank of India (RBI) -- in a report in 2018 -- said that 99.3 per cent of the demonetised notes were deposited with the banking systems and the banknotes that were not deposited were only worth Rs. 10,720 crore. Meanwhile, after demonetisation only 0.0035 per cent of the ₹1,000 banknotes were found to be counterfeit.

The number of income tax returns filing increased from 43.3 million to 52.9 million between financial year 2016 and 2017. It had increased with number of income tax returns filing increased but majority of them were from salaried and non-business class.

There was also a decrease in the activities and attacks by Maoist and Naxalite radical groups which was attributed to lack of finance following demonetisation. The surrender rate had reached its highest.

Three years on, people are still discussing about the effects of demonetisation and its impact on the economy of the country and the debate is likely to go on.

Posted By: Aalok Sensharma