Rahul Gandhi on Sunday reminded Prime Minister Narendra Modi of the disastrous demonetisation, which failed to achieve all its stated objectives.

Responding to the latest Reserve Bank of India report that counterfeit notes in all denominations had increased in the financial year 2021-22, Rahul Gandhi tweeted: “The only unfortunate success of demonetisation was the TORPEDOING of India’s economy.”

The Prime Minister had stated three objectives of the drastic decision of scrapping Rs 500 and Rs 1,000 currency notes on November 8, 2016 — checking fake currency notes, curbing corruption and ending terror funding.

Though he realised soon that none of the objectives were going to be achieved and added new reasons for the inexplicable action, like limiting circulation of cash to make transactions digital, experts were not in agreement.

The RBI report said fake notes of all denominations increased in the financial year 2021-22. While Rs 500 denomination fake notes jumped by 101.9 per cent, there was 54.16 per cent more fake notes of Rs 2,000 denomination as compared to the previous year. More fake notes of Rs 10, Rs 20, Rs 200 were also detected this year than previous years. Even the cash-digital debate proved bogus as more cash is now in circulation than it was in pre-demonetisation phase.

Trinamul Rajya Sabha MP Derek O’brien tweeted: “Namaskar Mr Prime Minister Narendra Modi... DEMONETIZATION? Remember? And how (Bengal Chief Minister and Trinamool boss) 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 huge increase in counterfeit notes.”

While the Prime Minister never talks of demonetisation now, he had rejected criticism by economists and political rivals and passionately promised to the people that their struggle would not be wasted. He went so far to tell the people that he was ready to face any punishment if any wrong motive of his was found out in taking this decision.

The Congress had condemned the decision as an attack on a thriving economy and former Prime Minister Manmohan Singh described it as “organised loot and legalised plunder”.

Singh predicted a loss of 2 per cent in GDP growth and the economy indeed hasn’t looked up after that debilitating shock in 2016.

Rahul described demonetisation as a planned attack on the informal sector, arguing that the move was part of Modi’s larger plan to help a few chosen industrialists.