Opinion | Moving out of the shadow of failed demonetization
The Reserve Bank of India has reiterated in its new annual report what it said in the previous one released in September 2017—most of the bank notes that were pulled out of circulation in November 2016 have been returned to it. The latest figure is an update of the one released last year, when the central bank had said it would come up with a final number once the onerous task of counting the currency that had been returned was completed. The hope that demonetization would be an immense exogenous shock that would make Indians use less cash as well as the belief that the government would get a fiscal bonanza as the central bank cancelled a big chunk of its currency liabilities have been belied. The Indian central bank can now move out of the shadow of the failed demonetization experiment launched by the Narendra Modi government. The confusion in the bond markets earlier this year whether an inflation targeting central bank will also help banks minimise losses in their bond portfolios is another example.
Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul
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