According to the RBI, nearly 9 per cent of the banned currency has been returned to banks, which suggests that black or untaxed money was not destroyed by the giant move.
About Prime Minister Narendra Modi's favourite demonetisation or note ban, the senior BJP leader said, "It was the largest money-laundering scheme ever, conceived and implemented entirely by the government". "Because everybody who had black money, converted into white through banks".
Shourie also questioned the government's rollout of the goods and services tax, saying that it was an important reform but was poorly implemented.
Reacting to BJP's response, the former cabinet minister in Atal Bihari Vajpayee's govt, Arun Shourie said: "this is their Standard Operating Procedure". In an interview with The Wire in January this year, he said, "It (what India is witnessing today) is a decentralised emergency. A tax reform is being compared to the independence of India".
He added that the government is also willing to make changes in the GST as per the suggestions. This proved that demonetization had failed in weeding out black money which was the prime goal of the measure. Terrorism? Terrorists are still coming into India. "The rules have been amended seven times within three months".
Shourie's comments have come days after former Union finance minster Yashwant Sinha criticised the current Bharatiya Janata Party (BJP) dispensation over demonetisation and GST.
Shourie said that Modi government does not pay any heed on experts' advice and decisions on country's economic policies are being taken by "two and a half persons" -- Amit Shah, PM Modi and an in-house lawyer - in "a sealed echo chamber". They are so self-satisfied with it. - Arun Shourie8.
In a veiled but scathing attack on Yashwant Sinha, Arun Shourie and the opposition parties, PM Narendra Modi said that there are some people who are spreading a feeling of pessimism in the country. Is it a fact or not that GDP has collapsed to 3.7 per cent according to the old series? "There were quarters when growth was 0.2 per cent, 1.5 per cent", he said. "They are just briefing each other, not listening to others. they are concerned about 300-feet statutes, bullet trains, etc", he said.