Demonetisation deliberate move by ‘PayPM’ to help billionaire friends monopolise economy: Rahul

Mr. Gandhi’s attack came on the sixth anniversary of demonetisation

Congress leader Rahul Gandhi on Tuesday attacked Prime Minister Narendra Modi over demonetisation, saying it was a deliberate move by "PayPM" to ensure two-three of his billionaire friends monopolise India's economy.

The Congress has often used ‘PayCM’ and ‘PayPM’ jibe at the BJP to allege corruption under its rule at the Centre and in States. It is a play on the digital payment platform PayTM.

Mr. Gandhi’s attack came on the sixth anniversary of demonetisation. It was on this day in 2016 that Prime Minister Modi had announced the decision to withdraw ₹500 and ₹1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.

“Demonetisation was a deliberate move by ‘PayPM’ to ensure 2-3 of his billionaire friends monopolise India’s economy by finishing small & medium businesses,” Mr. Gandhi said in a tweet in Hindi.

The Congress on Tuesday alleged that demonetisation was independent India’s “greatest organised loot” and demanded a white paper from the Modi government on the move.

“On this day in 2016, the Modi govt arbitrarily demonetised Rs 500 & 1000 notes. The government failed in its objective to make India a digital, cashless economy as the currency with public stands at a new high of 30.88 lakh crores as of 21 October – almost 72% higher than 6 years ago,” the Congress said in a tweet from its official Twitter handle.