Chidambaram slams govt after RBI says 99.3% demonetised notes returned

30 August, 2018, 17:25 | Author: Corey Lynch
  • 99.3% of demonetized currency returned to banks RBI

The RBI in its annual report for 2017-18 said that the "exercise is finally over".

Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on 8 November, 2016, when the note ban was announced, notes worth Rs 15.31 lakh crore have been returned.

Over 2.09 lakh non-income tax filers filed their returns and there was an 18 per cent increase in tax revenue, he told reporters.

The RBI said that the "humungous task of processing and verification of specified bank notes was successfully achieved and the total specified banknotes returned from circulation is Rs. 15,310.73 billion". "My first question now is - where has the black money gone?" she remarked.

Even after two years of demonetisation, the Reserve Bank of India (RBI) on Wednesday said that Rs 10,720 crore of the junked currency has not yet been received by the banks. Meanwhile, the country's banks reportedly detected a 480% jump in suspicious transactions post demonetisation.

The Reserve Bank of India in its annual report said that as many as 99.3 per cent of the old 500 and 1,000 rupee notes, that were banned overnight in November 2016, have been returned. The amount was higher in FY17 due to demonetisation, which forced the RBI to print more new notes.

Sen also mentioned the use of black money, he said that trade and money lending are the commonest ones. Growth has since rebounded, and, in the quarter ended March 2018, the economy expanded 7.7% from a year earlier.

The demonetisation was hailed as a step that would curb black money, corruption and check counterfeit currency but RBI said, "Counterfeit notes detected in SBNs decreased by 59.7 and 59.6 per cent in the denominations of Rs 500 and Rs 1,000, respectively". It is a natural process as the GDP grows, payment system grows, currency grows.

The bad hangover sustained for months as businesses were hit and lakhs of people lost jobs, while 104 people died standing in long queues struggling to get their old currency exchanged or deposited. Indian economy lost 1.5 per cent of GDP in terms of growth. This data came to light primarily on the back of processing of notes withdrawn from circulation after demonetisation. The government, while announcing demonetisation, had also cited checking counterfeit notes as one of the reasons.

The report also shows that only 40% of the Rs 100 notes that were scheduled to be printed in 2017-2018 were supplied. However, this is more than double the amount of Rs. 3,421 crore that was spent in the previous year (July 2016 to June 2017).



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