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Demonetisation Was Imposed Due to Pressure From Some Companies: Prithviraj Chavan

"However, not a single objective was achieved as 99.3 per cent demonetised notes came back to the Reserve Bank of India," he said.

Pune: Former Maharashtra chief minister Prithviraj Chavan Monday said demonetisation had made the country’s economy “unstable”.

On November 8, 2016, Prime Minister Narendra Modi had announced scrapping of then in use Rs 1,000 and Rs 500 denomination bank notes with immediate effect.

Chavan was here to take part in a Congress protest against the note ban exercise which the party observed nationwide as “black day”.

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“The demonetisation exercise brought instability in the lives of people who faced tremendous hardship. Lot of people lost their lives too,” he said.

He added that Modi had said the objective of note ban was to eradicate black money, counterfeit currency and curb corruption.

“However, not a single objective was achieved as 99.3 per cent demonetised notes came back to the Reserve Bank of India,” he said.

Chavan claimed demonetisation was imposed on the people due to pressure from some American credit card and “fintech” companies.

He also criticised the Central government for its ongoing tussle with the RBI.

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“The RBI is having a board meeting on November 19 in which the institution will take a call on whether to bow before the government or resist,” Chavan claimed.

He also attacked the BJP for raising the issue of renaming cities, adding that it was being done as the government had nothing to show by way of development.

Chavan also ruled the possibility of standing from Pune for the 2019 Lok Sabha polls.

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