The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:

On the second anniversary of demonetization, the Indian economy is yet to recover from the disaster imposed on our economy and the people by Prime Minister Modi.

All the claims that it would unearth lakhs of crores of rupees of black money and end corruption have proven to be utterly false.  On the contrary, with 99.4 per cent of the banned notes back in the system, it is clear that demonetization has, in fact, been the avenue to convert black money into white helping the most corrupt. On the other hand, crores of people dependent on daily cash transactions have been devastated and more than 35 lakh workers in the unorganized sector have lost their livelihood.  Similarly, the SMEs have suffered a huge loss in revenue. Nor has there been any impact on terrorist activities due to funding crunch as claimed by Modi at that time.  On the contrary, official data reveals that incidents of terrorist attacks have more than doubled.

The CPI(M) also condemns the shameless defence being put out by Finance Minister Arun Jaitley who is equally responsible for the mess in the Indian economy.

In its ongoing campaigns across the country, CPI(M) units are taking these facts on the demonetization disaster to the people.