99% of demonetised notes returned to banking system: RBI
00:21, Sep 2, 2017
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According to reports from The Indian Express, RBI has released a report confirming that out of the 15.44 lakh crore worth of old notes that were present in the market during the demonetization period, Rs 15.28 lakh, crore worth of old notes had been returned to the bank. He claimed neither the prime minister nor the finance minister minister and the RBI Governor have answers to what happened to achieving the objectives of demonetisation.
He toldMoneycontrol, "Demonetisation will give more effective tax compliance and that's what we need to look forward to".
Also Read:Meghalaya: Demonetization, great! "And I think there is far greater evidence now that has started moving in the right direction", Jaitley said.
"This data proves that demonetisation was a total failure", said Mohan Guruswamy, chairman of New Delhi-based Centre For Policy Alternatives, who'd advised a previous government led by the current ruling party.
Mere Pyare Desh Wasiyo (my dear citizens), were the first words of Prime Minister Narendra Modi on November 8 when he announced the unexpected, shocking and to the most extent chaotic decision to ban the old Rs. 500 and Rs. 1000 banknotes.
"Was this entire exercise done to protect the corporates who are refusing to return the loans they had taken from our nationalised banks?"
Yes, you read that correctly. "Is this demonetisation success formula?" he asked on Twitter. This means that these notes will not be acceptable for transactions from midnight onwards. "For years, this country has felt that corruption, black money and terrorism are festering sores, holding us back in the race towards development".
Opposition was quick to seize on the data to attack the government with former finance minister P Chidambaram saying, "RBI "gained" Rs 16000 crore, but "lost" Rs 21000 crore in printing new notes! Or by reports of cash found in gunny bags?"
110 poor people lost their lives for nothing, but a govt gimmick to divert attention from Najeeb & Bhopal Encounter. But have you ever thought about how these terrorists get their money?
But the same number, as reported by NDTV, dropped to 862 million in July 2017, which is considerably lower than what it was before the note ban announcement. Cash still seems to be the main mode of transaction in the county, he said.
Indian Prime Minister Narendra Modi plans to reshuffle his cabinet over the next two days and some mid-level ministers have offered to quit to pave the way for changes, sources in the party and aides to the ministers said.
While defending demonetisation in the Supreme Court in November, then attorney general Mukul Rohatgi said around Rs 4-5 trillion would probably not find its way back into the system.
According to the Reserve Bank of India's (RBI) annual report for the last fiscal, 89 million pieces of the banned Rs 1,000 totalling Rs 8,900 crore had not been returned, out of 6,700 million such notes. "There are lot of areas where there could be double counting".
"The effect of demonetisation in all these areas have been extremely positive, " he added.
"The trail of deposits" of bank notes "into bank accounts may provide valuable information to the revenue authorities in tracing unaccounted money", RBI said in its annual report.
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