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RBI claims 99% of banned 500 and 1000 notes are back to banking system!

RBI claims 99% of banned 500 and 1000 notes are back to banking system. Was demonetisation actually effective to curb black money and corruption

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In one of the official statements RBI said “only Rs 16,050 crore out of the Rs 15.44 lakh croreof the old high denomination notes have not returned” Meaning only 1% of the banned notes are not in the system and remaining 99% of the black money was put back to bank. This comes to as a surprise to the stakeholders who have been under a complete awe of the efficacy of Demonetisation.

In fact, RBI post-demonetisation spent Rs 7,965 crore on printing new Rs 500 and Rs 2,000 notes which was more than double (the Rs 3,421 crore spent in the previous year) of what they spent last year. This needs serious contemplation as what the Country went through is still a nightmare. Demonetisation claimed hundreds of lives (as per the Forbes report) and put a break to the entire economy of the nation impacting hugely over SMB’s and smaller entities which worked on cash. Speaking on the development Former Union finance minister P Chidambaram said “ wondered if demonetisation was ‘a scheme designed to convert black money into white’.”

Read Now: The Great Indian Surgical Strike of Demonetization and its impact on the Startup Community.

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