As RBI report shows spike in fake notes, Congress and TMC slam Centre over demonetisation

Congress leader Rahul Gandhi and TMC MP Derek O’Brien attacked the Centre over its 2016 demonetisation move after the latest RBI report revealed a huge spike in counterfeit notes in the country.

Rahul Gandhi and Derek O’Brien criticised the Centre over demonetisation on Sunday. (Photo: Rep/File)

The Reserve Bank of India’s latest annual report has given Opposition parties fresh ammunition in their attack on the BJP-led central government’s demonetisation move back in 2016.

As per the RBI report, counterfeit notes of all denominations increased in the financial year 2021-22. The RBI detected 101.9 per cent more fake notes of Rs 500 denomination and 54.16 per cent more fake notes of Rs 2,000 denomination as compared to the previous year.

Apart from flushing out black money, the elimination of fake currency notes had been cited as one reason for the demonetisation exercise conducted by the central government in 2016.

Now, reacting to the fresh data, Congress leader Rahul Gandhi tweeted, “The only unfortunate success of demonetisation was the TORPEDOING of India’s economy.”

Similarly, TMC leader Derek O’Brien tweeted, “Namaskar Mr PM Modi. DEMONETIZATION ? Remember ? And how Mamata Banerjee swiftly took you on ? How you promised the nation Demo would WIPE OUT ALL COUNTERFEIT CURRENCY. Here’s the latest RBI report pointing out the huge increase in counterfeit notes.”


In November 2016, the government announced the demonetisation of all Rs 500 and Rs 1,000 banknotes. It also announced the issuance of new Rs 500 and Rs 2,000 banknotes.

The Centre said the move would curtail corruption, encourage digital transactions and reduce the use of counterfeit currency.

The sudden demonetisation announcement resulted in cash shortages and inconveniences as people stood in long queues to exchange their notes. The issue has been debated heavily ever since.

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