Demonetisation comes to haunt govt as RBI says 99.3% notes back
6 years, 4 months ago

Demonetisation comes to haunt govt as RBI says 99.3% notes back

Live Mint  

Mumbai: The central bank’s post-mortem of the invalidation of high-value currencies in November 2016 is in: All but ₹ 10,720 crore of the ₹ 15.4 trillion is back in the banking system, indicating that the government’s shock move to deal a body blow to black money hasn’t worked as desired. “I think demonetization has achieved its objectives quite substantially,” said Subhash Chandra Garg, secretary of department of economic affairs, and then added, “How is not the question. If you have a counter-narrative just tell me.” For the record, RBI’s annual report for 2017-18 says that upon completion of the verification and processing of banned notes, ₹ 15.3 trillion worth of specified bank notes have been returned to banks. “The primary objective of demonetization was to account for the cash and not to deprive people of value,” said R. Gandhi, a former deputy governor of RBI.

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History of this topic

Centre’s claims on demonetisation’s success is eyewash, says Jairam Ramesh
4 months, 4 weeks ago

Centre’s claims on demonetisation’s success is eyewash, says Jairam Ramesh

The Hindu  

The Government’s assertion that the number of counterfeit notes detected has fallen is an “eyewash,” the Congress said on Friday, as it claimed that the counterfeit notes have “become rife once again”. Congress general secretary Jairam Ramesh questioned the gains made by the 2016 demonetisation and whether it could neither curb black money nor counterfeit currency. “Eight years after the …

93% of ₹2000 notes returned to banks: RBI
1 year, 4 months ago

93% of ₹2000 notes returned to banks: RBI

Hindustan Times  

The Reserve Bank on Friday said that as much as 93 per cent of ₹2000 currency notes that were in circulation on May 19 -- the day when the currency was withdrawn from circulation -- have been returned to banks. According to the data received from the banks, the total value of ₹2000 banknotes received back from circulation is ₹3.32 …

RBI says 88% of ₹2,000 notes returned to banks
1 year, 5 months ago

RBI says 88% of ₹2,000 notes returned to banks

The Hindu  

The Reserve Bank on August 1 said 88% of the ₹2,000 banknotes valued at ₹3.14 lakh crore have returned to the banking system after it announced the withdrawal of the high-value currency notes from circulation in May. According to the data received from banks, the RBI said the total value of ₹2,000 banknotes received back from circulation is ₹3.14 lakh …

Three-fourth of ₹2000 currency notes in circulation have returned to banks: Govt
1 year, 5 months ago

Three-fourth of ₹2000 currency notes in circulation have returned to banks: Govt

Live Mint  

New Delhi: Indian banks have received ₹2.72 trillion worth of ₹2,000 banknotes up to 30 June, after the Reserve Bank of India announced their withdrawal on 19 May, said Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Rajya Sabha. In a surprise move, RBI announced withdrawal of ₹2,000 notes from circulation but …

‘Over Two-Third Of Rs 2,000 Notes Have Returned To System’: RBI Governor
1 year, 6 months ago

‘Over Two-Third Of Rs 2,000 Notes Have Returned To System’: RBI Governor

News 18  

Reserve Bank of India Governor Shaktikanta Das on Sunday said that within a month of the withdrawal order of Rs 2,000 notes, more than two-thirds of the total currency in circulation has returned to the system. Speaking in an interview with PTI, Governor Shaktikanta Das said, “More than two-thirds or Rs 2.41 lakh crore worth of the Rs 3.62 lakh …

Data | ₹2,000 Banknotes: A fading presence as RBI decides to withdraw from circulation
1 year, 6 months ago

Data | ₹2,000 Banknotes: A fading presence as RBI decides to withdraw from circulation

The Hindu  

The Reserve Bank of India ’s move to withdraw ₹2,000 banknotes from circulation on May 19, 2023, was a stark reminder of the ghosts of demonetisation.In a press release, the central bank justified the move by stating that the banknote, which was introduced to meet the currency requirement after ₹500 and ₹1,000 banknotes were withdrawn in November 2016, had fulfilled …

The short history of a large note
1 year, 7 months ago

The short history of a large note

The Hindu  

The withdrawal of the ₹2,000 note from circulation by the Reserve Bank of India, which it announced on May 19, 2023, marks the end of a sordid chapter in the tragi-comic demonetisation saga. In the villages, farmers were cheated by criminals as they were paid in fake ₹2,000 notes — they were just high resolution photocopies of the original note. …

RBI says India’s growth momentum to continue in FY24; stresses on structural reforms
1 year, 7 months ago

RBI says India’s growth momentum to continue in FY24; stresses on structural reforms

The Hindu  

The Reserve Bank on May 30 said that India’s growth momentum is likely to continue in 2023-24 even as it made a case for pushing structural reforms to deal with the geopolitical developments and also to achieve sustained growth in the medium-term. The Reserve Bank’s annual report flagged slowing global growth, protracted geopolitical tensions and a possible upsurge in financial …

‘Not Demonetisation, Only Currency Management Exercise’: RBI To Delhi High Court On Decision To Withdraw Rs 2,000 Currency Notes From Circulation
1 year, 7 months ago

‘Not Demonetisation, Only Currency Management Exercise’: RBI To Delhi High Court On Decision To Withdraw Rs 2,000 Currency Notes From Circulation

Live Law  

The Reserve Bank of India on Friday defended its recent decision to withdraw Rs 2,000 notes from circulation and informed the Delhi High Court that it is only a “currency management exercise” and not demonetisation.Senior Advocate Parag P. Tripathi made the submission before a division bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad during the hearing of …

No panic among public after withdrawal of ₹2,000 notes, shows survey
1 year, 7 months ago

No panic among public after withdrawal of ₹2,000 notes, shows survey

Live Mint  

A survey has shown that there is no panic or fear among the public after the Reserve Bank of India announced the withdrawal of ₹2,000 currency notes. The survey, conducted by LocalCircles, received 11,541 responses on the question if people support the government’s move of withdrawing ₹2,000 notes from circulation. The survey showed that 64% of respondents in support of …

The fundamental value of the rupee
1 year, 7 months ago

The fundamental value of the rupee

The Hindu  

The first thing that comes to mind when speaking of the value of a currency is the exchange rate it commands in international transactions. The RBI’s reputation On May 19, the Reserve Bank of India announced that the ₹2,000 note is being withdrawn from circulation but that it will remain legal tender. First, it should not have taken much for …

₹2,000 note move may have marginal impact
1 year, 7 months ago

₹2,000 note move may have marginal impact

Hindustan Times  

Markets are often curious to decipher the motive and timing of policy decisions, apart from the possible impact. If the ₹2,000 notes are converted into smaller denominations, there is no impact on overall currency in circulation, but in case of these being deposited into bank accounts, cash in the system will drop immediately, and bank deposit growth will pick up. …

Congress demands ‘white paper’ on the withdrawal ₹2,000 currency notes, says it will help black money hoarders
1 year, 7 months ago

Congress demands ‘white paper’ on the withdrawal ₹2,000 currency notes, says it will help black money hoarders

The Hindu  

The Congress on May 23 alleged that the move to withdraw ₹2,000 currency notes will end up facilitating those who hoard black money and reiterated its demand for a white paper on the demonetisation exercise. “We demand a white paper on why ₹2,000 notes were introduced and who all were saying that all black money will finish. Mr. Vallabh said …

Slow withdrawal: on the RBI and the ₹2,000 note
1 year, 7 months ago

Slow withdrawal: on the RBI and the ₹2,000 note

The Hindu  

The Reserve Bank of India’s May 19 announcement that ₹2,000 banknotes would be withdrawn from circulation, coming just over seven-and-a-half years since the economically deleterious demonetisation of ₹500 and ₹1,000 notes, has triggered a sense of déjà vu. While Prime Minister Narendra Modi’s decision in November 2016, to abruptly and completely rescind the legal tender status of the then available …

₹2000 note withdrawal could make people buy gold, real estate: Report
1 year, 7 months ago

₹2000 note withdrawal could make people buy gold, real estate: Report

Hindustan Times  

India withdrawing its highest value currency notes from circulation may push some consumers to buy precious metals and real estate, giving a temporary boost to Asia’s third-largest economy. “But overall if we look at the macro environment, it is more likely to be driven by fundamental factors.” The Reserve Bank of India late on Friday gave citizens until Sept. 30 …

Congress cries foul over phasing out of Rs 2000 currency notes: How several Congress govt followed the ‘demonetisation’ path to control black money
1 year, 7 months ago

Congress cries foul over phasing out of Rs 2000 currency notes: How several Congress govt followed the ‘demonetisation’ path to control black money

Op India  

On 19th May 2023, the Reserve Bank of India announced that it is withdrawing the circulation of ₹2000 currency notes. But while accusing the Modi government of miscalculating demonetisation in 2016 and withdrawing Rs 2000 notes in 2023, congress has forgotten the currency decisions it took. In the first demonetisation, Rs 500, Rs 1,000 and Rs 10,000 notes were demonetised …

Impact of ₹2,000 notes withdrawal ‘very very marginal’ on economy: RBI Governor
1 year, 7 months ago

Impact of ₹2,000 notes withdrawal ‘very very marginal’ on economy: RBI Governor

The Hindu  

Reserve Bank Governor Shaktikanta Das on Monday said the impact of withdrawal of ₹2,000 currency notes will be “very very marginal” on the economy because it accounts for only 10.8% of currency in circulation. Asked if ₹2,000 notes will continue to be a legal tender, Mr. Das said “It will continue as legal tender. On whether it will impact India’s …

Will Rs 1,000 notes make a comeback? Here's what RBI Governor says
1 year, 7 months ago

Will Rs 1,000 notes make a comeback? Here's what RBI Governor says

India TV News  

Will Rs 1,000 notes make a comeback after the Reserve Bank of India announced the discontinuation of Rs 2,000 currency notes from the market. Well speaking on the matter, RBI Governor Shaktikanta Das has said that the RBI does not have any plans to re-introduce Rs 1,000 notes after its order to withdraw Rs 2,000 denomination from circulation. The Reserve …

Return of ₹2,000 notes to bolster bank coffers, money market liquidity, says research report
1 year, 7 months ago

Return of ₹2,000 notes to bolster bank coffers, money market liquidity, says research report

The Hindu  

The Reserve Bank of India’s decision to withdraw ₹2,000 notes could boost banks’ deposit base and liquidity in the money markets by anywhere between ₹40,000 crore to ₹1.1 lakh crore, even if just about a third of these heavily hoarded high currency notes are flushed out by the exercise, according to a research report. Estimating the stock of ₹2,000 denomination …

Withdrawal of ₹2,000 notes will have no perceptible effect on economy: Panagariya
1 year, 7 months ago

Withdrawal of ₹2,000 notes will have no perceptible effect on economy: Panagariya

The Hindu  

The RBI's decision to withdraw ₹2,000 currency notes from circulation will not have any 'perceptible effect' on the economy as any such notes returned will be replaced by either equivalent cash in lower denomination notes or a deposit, former NITI Aayog Vice Chairman Arvind Panagariya has said. Any currency in ₹2,000 notes returned will be replaced by either equivalent cash …

India announces surprise withdrawal of highest-value banknotes
1 year, 7 months ago

India announces surprise withdrawal of highest-value banknotes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy India is withdrawing its highest …

₹2,000 banknotes withdrawal will help curb…: Ex RBI official
1 year, 7 months ago

₹2,000 banknotes withdrawal will help curb…: Ex RBI official

Live Mint  

Ex-Reserve Bank of India Deputy Governor R Gandhi has said that withdrawal of the ₹2,000 banknotes will help in curbing black money to a “great extent”, PTI reported. On Friday, the RBI announced the withdrawal of ₹2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30. The ₹2,000 …

'We'll not see any perceptible effect on economy': Ex-NITI Aayog Vice Chairman on 2,000 notes withdrawal
1 year, 7 months ago

'We'll not see any perceptible effect on economy': Ex-NITI Aayog Vice Chairman on 2,000 notes withdrawal

India TV News  

2,000 notes withdrawal: A day after the withdrawal of Rs 2,000 currency notes from circulation, former NITI Aayog Vice Chairman Arvind Panagariya said the RBI's decision will not have any 'perceptible effect' on the economy as any such notes returned will be replaced by either equivalent cash in lower denomination notes or a deposit. Any currency in Rs 2,000 notes …

Centre’s data proved demonetisation was a total failure: Uttam
1 year, 10 months ago

Centre’s data proved demonetisation was a total failure: Uttam

The Hindu  

Congress Lok Sabha member N. Uttam Kumar Reddy said that the BJP Government has finally admitted that it has failed in achieving all the objectives of demonetisation it implemented in November 2016. Mr. Uttam Kumar Reddy said that the statistics pertaining to Currency in Circulation and the value of Notes in Circulation provided by the Finance Minister clearly show that …

India top court says demonetisation was legal, victims disagree
2 years ago

India top court says demonetisation was legal, victims disagree

Al Jazeera  

Tens of people reportedly died after Modi’s shock move to ban currency notes. “Bahut bheed-bhaad hoti thi,” Khan’s wife Khushnuma Begum told Al Jazeera, explaining the hardships as desperate people jostled with each other, often sparking off fights and disputes, in the long queues outside banks and ATMs. The Supreme Court of India, hearing 58 petitions challenging the Modi government’s …

Mint Explainer: What demonetization really achieved
2 years ago

Mint Explainer: What demonetization really achieved

Live Mint  

Let’s recall the lofty intentions behind demonetization. Still, cash retains its popularity despite the emergence of digital platforms, and for a simple reason – it offers anonymity in financial transactions, unlike digital transactions which leave a trail. Two factors may have contributed to the demonetization calculations going awry -- First, many Indians do not hoard black money in cash in …

‘Demonetisation Notification Was Unlawful': 10 Points from Justice Nagrathna's Dissenting Judgment
2 years ago

‘Demonetisation Notification Was Unlawful': 10 Points from Justice Nagrathna's Dissenting Judgment

News 18  

The November 8, 2016 notification of the central government demonetising currency notes of Rs 500 and Rs 1,000 denomination was “unlawful”, Justice BV Nagrathna said in her dissenting judgment on Monday even as the Supreme Court upheld the controversial note ban in a 4:1 verdict. In her dissenting judgment, however, Justice Nagrathna said though the move to scrap the high-value …

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files
2 years, 1 month ago

‘For our satisfaction’: SC orders Centre, RBI to produce demonatisation files

Hindustan Times  

The Supreme Court on Wednesday directed the ministry of finance and the Reserve Bank of India to produce files pertaining to the government’s November 2016 decision to outlaw currency notes of ₹500 and ₹1,000. The bench also told the government’s top law officer Attorney General R Venkatramani that it wanted to examine the “relevant records” of RBI and Centre. Chidambaram …

Supreme Court directs Centre, RBI to submit records behind demonetisation decision
2 years, 1 month ago

Supreme Court directs Centre, RBI to submit records behind demonetisation decision

The Hindu  

The Supreme Court on December 7 directed the Centre and the RBI to place on record the “relevant records” relating to the government’s 2016 decision to demonetise currency notes of ₹1,000 and ₹500 denomination for its perusal. Reserving its verdict on a batch of pleas challenging the Centre’s decision, a five-judge Constitution Bench headed by Justice S.A. Nazeer heard the …

Currency in circulation now is almost double that in use just before demonetisation: Chidambaram
2 years, 1 month ago

Currency in circulation now is almost double that in use just before demonetisation: Chidambaram

The Hindu  

Reserve Bank of India figures show ₹32.18 lakh crore currency in circulation now in India, almost double the ₹17.97 lakh crore of currency in use just before demonetisation in November 2016, senior advocate P. Chidambaram submitted before a Constitution Bench on Thursday. Appearing before a five-judge Bench led by Justice S. Abdul Nazeer, Mr. Chidambaram was countering the government's argument …

Demonetisation 'well-considered' decision to combat black money, terror financing: Centre tells Supreme Court
2 years, 2 months ago

Demonetisation 'well-considered' decision to combat black money, terror financing: Centre tells Supreme Court

India TV News  

Highlights The step was taken after extensive consultation with the Reserve Bank of India, the Centre said Advance preparations were made before the note ban was enforced, it said A five-judge bench is hearing the issue and is slated to take up the matter on Nov 24 The 2016 demonetisation was a "well-considered" decision and part of a larger strategy …

Six years on, jury is still out on efficacy of demonetisation
2 years, 2 months ago

Six years on, jury is still out on efficacy of demonetisation

Deccan Chronicle  

NEW DELHI: The jury is still out on the efficacy of the decision to demonetise high value currency notes on November 8, 2016, with the government claiming it has helped greater formalisation of the economy while critics saying it has failed to curb black money and reduce dependence on cash. On November 8, six years ago, Prime Minister Narendra Modi …

Six years since demonetisation, cash with public at record high of ₹30.88 lakh crore
2 years, 2 months ago

Six years since demonetisation, cash with public at record high of ₹30.88 lakh crore

The Hindu  

Currency with the public has jumped to a new high of ₹30.88 lakh crore as of October 21, illustrating that cash usage is still robust even six years after the demonetisation move. At ₹30.88 lakh crore, the currency with the public is 71.84% higher than the level for the fortnight ended November 4, 2016. As per the fortnightly data on …

Did you achieve objectives of demonetisation, Supreme Court asks government, RBI
2 years, 3 months ago

Did you achieve objectives of demonetisation, Supreme Court asks government, RBI

The Hindu  

A Constitution Bench on Wednesday questioned whether the government and the Reserve Bank of India realised their stated objectives of choking black money, terror financing and fake currency through the policy to demonetise ₹500 and ₹1,000 notes in 2016. “What about black money and terror funding?” Justice S. Abdul Nazeer, heading the five-judge Bench of the Supreme Court, asked while …

2016: Demonetisation
2 years, 5 months ago

2016: Demonetisation

The Hindu  

Published : Aug 15, 2022 06:00 IST On the evening of November 8, 2016, even as families across India were getting ready to watch their favourite soaps, Prime Minister Narendra Modi appeared on television and announced that from midnight that day, all Rs.500 and Rs.1,000 notes would cease to be legal tender. He claimed that most black money was held …

The case of demonetisation in India
3 years, 2 months ago

The case of demonetisation in India

The Hindu  

Popular narratives play a much bigger role in economic policymaking than economists and policymakers acknowledge. The demonetisation story in India is also based on popular myth, the folklore of black money and its association with physical cash. Very little of its declared objectives — of eliminating black money, corruption, moving towards a “less cash and more digital economy”, or increased …

Demonetisation helped curb black money: Narendra Modi
4 years, 2 months ago

Demonetisation helped curb black money: Narendra Modi

The Hindu  

On the fourth anniversary of demonetisation, Prime Minister Narendra Modi on Sunday said the move helped in reducing black money, increase tax compliance and formalisation of the economy. In a video, released as part of this campaign, Mr. Gandhi held demonetisation responsible for Bangladesh doing better than India in terms of economic growth and alleged that the move “destroyed” India’s …

Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul
4 years, 2 months ago

Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul

The Hindu  

Congress leader Rahul Gandhi on Sunday slammed the government over demonetisation, alleging that Prime Minister Narendra Modi’s move four years ago was aimed at helping a few of his “crony capitalist friends” and had “destroyed” the Indian economy. In a video released as part of the party’s online ‘SpeakUpAgainstDeMoDisaster’ campaign, Mr. Gandhi said the question is how the economy of …

Three years after demonetisation, Rs 2,000 currency note loses sheen; banks to eject them completely from ATMs in a year
4 years, 10 months ago

Three years after demonetisation, Rs 2,000 currency note loses sheen; banks to eject them completely from ATMs in a year

Firstpost  

Though the efforts are underway to recalibrate about 240,000 ATMs to replace Rs 2,000 notes with Rs 500 notes, the high-value notes may not be withdrawn immediately. Indian Bank reportedly said that it would not use Rs 2,000 notes in its ATMs from 1 March due to inconvenience to people. Early this month, it was reported that a top public …

Demonetisation 3rd anniversary: Banning high-value notes failed to meet objectives, but digitisation may check black money generation
5 years, 2 months ago

Demonetisation 3rd anniversary: Banning high-value notes failed to meet objectives, but digitisation may check black money generation

Firstpost  

The defenders argued that demonetisation would help digitise the economy and make future black money generation difficult as there would be an audit trail all the time. This was the date when Prime Minister Narendra Modi announced that all Rs 500 and Rs 1000 notes would be demonetised and that we would be entering a new currency regime. However, the …

Data: How much currency was in circulation in FY2019?
5 years, 4 months ago

Data: How much currency was in circulation in FY2019?

The Hindu  

The amount of currency in circulation in financial year 2019 was ₹21.1trillion, 17% higher than the previous year, according to the Reserve Bank of India's annual report. ₹500s top the list Since demonetisation, there has been a sharp spike in the number, and consequently the cumulative value, of ₹500 rupee notes, while the number of ₹2000 notes in circulation has …

₹2,000 notes in circulation fall
5 years, 4 months ago

₹2,000 notes in circulation fall

The Hindu  

The ₹2,000 currency notes introduced during the demonetisation exercise of 2016 have dropped in circulation in the last one year ended in March 2019. In value terms, the ₹2,000 notes’ share in total currency circulation was 37.3%. The number of pieces dropped to 3,291 million in the year ended March 2019, which was 3% in terms of volume and 31.2% …

Currency in circulation rises 22% in May over pre-demonetisation level
5 years, 6 months ago

Currency in circulation rises 22% in May over pre-demonetisation level

Live Mint  

Currency notes in circulation stood at ₹21.71 lakh crore at May-end 2019, showing an increase of more than 22% over the pre-demonetisation level. As per a written reply given by Finance Minister Nirmala Sitharaman in the Rajya Sabha Tuesday, the notes in circulation as on November 4, 2016 were ₹17,74,187 crore, which have now increased to ₹21,71,385 crore as on …

Note Ban Would Not Have Material Impact, RBI Had Warned Govt
5 years, 10 months ago

Note Ban Would Not Have Material Impact, RBI Had Warned Govt

The Quint  

The minutes of the crucial board meeting, which approved the government's request for demonetisation, recorded the presence of the then RBI Governor Urjit Patel and the then economic Affairs Secretary Shaktikanta Das. Others at the board meeting included the then Financial Services Secretary Anjuli Chib Duggal, and RBI deputy governors R Gandhi and S S Mundra. "It is a commendable …

The impact on India’s economy of demonetised currency returning to banks
6 years ago

The impact on India’s economy of demonetised currency returning to banks

Op India  

In November 2016, Prime Minister Modi announced the withdrawal of two high-value currency denominations from circulation with immediate effect. Expansion of Taxpayers base Per published data, the number of Income Tax returns have zoomed by 57% since demonetisation IT returns filed in FY14 were 3.79 crore IT returns filed in FY16 was 4.36 crore, implying that growth over 2 years …

2 years of demonetisation: Arun Jaitley praises note ban, says it led to formalisation of economy, created more resources for poor
6 years, 2 months ago

2 years of demonetisation: Arun Jaitley praises note ban, says it led to formalisation of economy, created more resources for poor

India TV News  

On second anniversary of demonetisation, Union Finance Minister Arun Jaitley on Thursday praised the note ban and said that it helped in formalisation of the economy that led to more revenue, more resources for the poor, better Infrastructure, and a better quality of life for India’s citizens. In a Facebook post titled “Impact of Demonetisation”, Jaitley said that the Government …

Cash transactions up after demonetisation but India’s ATM network far from adequate
6 years, 3 months ago

Cash transactions up after demonetisation but India’s ATM network far from adequate

Live Mint  

Although demonetisation seemed to put a dampener on India’s cash economy, data shows that it might not have been a lasting impact. The TCPSL report said that India witnessed significant growth in the volume of cash transactions even after demonetisation. The TCPSL report states that even though India’s urban population has adapted to digital payments and transactions, the country’s vast …

Opinion | Moving out of the shadow of failed demonetization
6 years, 4 months ago

Opinion | Moving out of the shadow of failed demonetization

Live Mint  

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 …

RBI says 99.3% of demonetised currency is back: What went wrong with the government's black money hunt
6 years, 4 months ago

RBI says 99.3% of demonetised currency is back: What went wrong with the government's black money hunt

Firstpost  

That 99.3 percent of about Rs 16 lakh crore in the form of the banned Rs 500 and Rs 1000 notes have found their way back into the banking system has given Prime Minister Narendra Modi’s detractors the stick to beat him with. Apart from neutralising terrorists’ funds suspected to be largely held in these two high denominations notes – …

From GDP growth to black money, costs outweigh benefits of demonetisation
6 years, 4 months ago

From GDP growth to black money, costs outweigh benefits of demonetisation

Live Mint  

New Delhi: According to the Reserve Bank of India’s annual report for 2017-18, 99.3% of the demonetised ₹ 500 and ₹ 1000 notes have been returned to the central bank. When it was announced in November 2016, demonetisation was proclaimed as a solution to India’s black money and counterfeit currency problems. In 2017-18, the number of counterfeit notes detected was …

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