'A big failure': What Chinese media calls demonetisation

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A Chinese media report has dubbed Prime Minister Narendra Modi-led government's demonetisation move as 'a big failure'.

The report, published as an op-ed in the state-run Global Times on Wednesday, said that the note ban had pushed the Indian economy back by a decade. It further criticised the move for causing incovienience to people, who had to spend hours in queues outside banks and ATMs.

Banned currency

In a scathing attack on the devalution of high-value denominations, the paper said, "This facade of demonetisation is like promising homeless people houses on Mars in one month's time. Unfortunately, the reality is that demonetization has put the Indian economy back by at least a decade, leading to job losses.'

The op-ed made reference of the long queues that were seen outside banks and ATMs in the aftermath of the move. "Furthermore, it resulted in severe mental and physical trauma for older citizens who spend hours in bank queues, where some have even died," said the paper.

The op-ed also pointed out to the problems Indians faced amidst calls to transfer transactions to a digital medium.

"How then can India switch from a primarily cash-based economy to a digital one overnight in the absence of the required infrastructure?" the daily asked.

"This whole exercise is devoid of any sense or logic," the op-ed stated.

Prime Minister Modi had, on November 8, announced that old notes of Rs 500 and Rs 1,000 would cease to be legal tenders. The move led to massive cash crunch as 86 per cent of all currency was declared invalid in one go.

The government then introduced new Rs 500 and Rs 2,000 to replace the old ones.

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