New Delhi, Nov 8 (PTI) The youth wing of the Congress held a protest outside the Reserve Bank of India on the fifth anniversary of demonetisation on Monday and claimed the Centre's note ban decision proved to be a "catastrophe" for the country's economy.

The protest was staged under the leadership of Indian Youth Congress (IYC) president Srinivas BV.

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The IYC workers were stopped by police outside the Reserve Bank of India, the Youth Congress said in a statement and alleged that many of its members were detained and taken to Mandir Marg police station.

Srinivas BV, in a statement, claimed that the Centre's demonetisation move five years ago has "worked to destroy the economy of the country". The decision proved to be a "catastrophe rather than a masterstroke", he alleged.

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"Demonetisation pushed the country into recession. The Centre claimed of eliminating fake notes... while the reality is different. It has increased the number of fake notes," Srinivas BV said.

"Demonetization neither ended corruption, nor made the economy cashless, nor did terrorism get demolished," he was quoted as saying in the statement.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)