Overview

• Congress president Mallikarjun Kharge said that in 11 years under Prime Minister Modi, bank frauds totalled Rs 6.36 lakh crore, a 416% rise over the previous period.
• Kharge noted that six years after demonetization the volume of fake Rs 500 notes jumped by 291%, with a further 37% increase recorded in 2024/25.
• Congress general secretary Jairam Ramesh described the November 2016 demonetization as a major policy shock from which the economy never fully recovered.
• The Rs 2,000 denomination introduced in November 2016 was withdrawn in September 2023, with 98.24% of issued notes returned to the RBI.
• Opposition leaders say these trends expose weaknesses in the government’s strategy to combat black money and counterfeiting.