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Opposition calls Modi's demonetization drive "world's biggest impromptu financial experiment"

Xinhua, November 23, 2016 Adjust font size:

India's opposition parties Wednesday upped the ante against Prime Minister Narendra Modi's government over the sudden demonetization drive, calling it "the world's biggest impromptu financial experiment."

Around 200 lawmakers from most opposition parties, led by the country's main opposition Congress party's second-in-command Rahul Gandhi, protested against the government's cash ban by standing in a queue on the Indian Parliament premises.

They also demanded that the prime minister explain in the Parliament his government's sudden decision to scrap currency notes of 500 rupees and 1,000 rupees (7.5 U.S. dollars and 15 U.S. dollars respectively).

"The Prime Minister should come here, sit, debate and listen to us. We feel this demonetization is a scam and demand a joint parliament committee to look into it. What the Prime Minister has done is world's biggest impromptu financial experiment," Gandhi said.

"We are in a line like the nation is," he said, referring to the long queues at banks as a cash crunch has hit the country after the demonetization, with people standing outside banks for hours for money, which is being rationed.

Opposition leaders have alleged that 70 people have died as a result of waiting in line or other problems caused by the cash ban and demanded an apology from the government as well as compensation for the families of those killed.

The Indian government has so far rejected the opposition's demand that Modi should speak in the Rajya Sabha (the Upper House of Parliament), where the ruling Bharatiya Janata Party is in minority, and has said that Finance Minister Arun Jaitley will respond to all queries.

On Tuesday, Lawmakers of the ruling party unanimously passed a resolution to approve the government's decision to outlaw old currency notes of 500 rupees and 1,000 rupees.

At the gathering of Bharatiya Janata Party parliamentarians, Modi made an emotional speech, saying that his shock decision earlier this month to abolish 500 and 1,000 rupee notes was taken "to help the poor" and urged lawmakers to inform the public about the many benefits of the reform.

Modi had earlier this month scrapped the currency notes of higher denominations in a bid to curb the menace of black money and prevent the circulation of fake notes circulating among terrorists, and sought 50 days to resolve the cash crunch. Endit