Congress MP and Communications In-charge, Jairam Ramesh, said demonetisation, announced in 2016, was the first major blow to the economy and that it has still not recovered from this shock. Opposing the claim that demonetisation would end fake currency, Ramesh quoted from an article that there has been a 37% increase in fake ₹500 notes from FY 2023-24 to 2024-25.