'Where is black money?' asks Opposition after RBI's figures on demonetisation

31 August, 2017, 00:33 | Author: Ora Austin
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However, it seems that the reality has gained momentum to emerge with a set of data released by the RBI showing there were Rs 8925 crore worth of 1000-rupee notes in circulation in the financial year 2016-17 that ended on 31 March 2017.

On November 8, 2016, Prime Minister Narendra Modi RBI announced the demonetisation of old Rs 500 and Rs 1000 notes.

"A person close to the development said", Printing of Rs 2,000-denominated notes stopped at least six months ago, and now the Rs 200 notes are getting printed at these presses.

The apex banking system in its annual report stated that only 1.3 percent of Rs. 1000 notes didn't return after the Centre's demonetisation exercise.

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"The value of banknotes in circulation declined by 20.2% over the year to Rs 13,102 billion as at end-March 2017". The share of the newly-introduced Rs 2,000 banknotes in the total value of banknotes in circulation was 50.2 per cent at end-March 2017. Unearthing of fake currency through demonetisation has also turned out to be muted.

"With RBI disclosing the numbers of returned notes today [Wednesday] and the measure having been successfully implemented, the debate should be over", said Economic Affairs Secretary Subhash Garg. Rs 16,000 cr out of demonetised notes of Rs 15,44,000 cr did not come back to RBI.

Former RBI Deputy Governor R Gandhi said demonetisation will have long-term impact. 99 per cent of the demonetised currency has come back to the RBI. According to close sources, the printing of the Rs 1000 denomination will soon start to fill the gap between the existing Rs 500 and Rs 2,000 notes. "Was demonetisation a scheme created to convert black money into white?". That is 1 per cent. Shame on RBI which "recommended" demonetisation. These were issued by select RBI offices and some banks. The value of the SBNs received by the currency chests has been credited to the banks' account on "said to contain basis". The Bank Note Paper Mill at Mysuru started commercial production.

Jaitley further said that India was predominantly a cash economy and that condition needed to be altered to give a blow to black money.

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