‘Time for Demoditisation’: BRS poster reminds people of demonetisation

Hyderabad: The Bharat Rashtra Samithi (BRS) in a continuation of its poster war against the BJP, has now put up a poster reminding the country of the Centre’s decision to demonetize currency in 2016.

“Government of India agreed that demonetisation is a failure. It’s now time for Demoditisation,” the poster read.

BRS working president and minister KT Rama Rao tweeted on Tuesday on the subject and called it the ‘most unwise decision’ of Prime Minister Narendra Modi-led central government.

The current poster comes in line of several posters that the BRS has put up criticising and mocking the BJP.

On November 8, 2016, the Government of India announced the demonetization of all Rs 500 and Rs 1,000 banknotes. In exchange for the demonetized banknotes, it also announced the issuance of new 500 and 2,000 banknotes. The Prime Minister claimed that the action will reduce the shadow economy, increase cashless transactions, and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.

The announcement of demonetisation was followed by weeks of prolonged cash shortages, causing significant disruption throughout the economy. People who wanted to exchange their banknotes had to wait in long lines, and several deaths have been linked to the rush to exchange cash.

Except for those considered partisan, most economists across the ideological spectrum were broadly critical of demonetisation as an economic policy.