99% of demonetised notes returned to banking system: RBI

99% of demonetised notes returned to banking system: RBI

99% of demonetised notes returned to banking system: RBI

Even the government's demonetisation exercise has met with criticism in certain sections of the intelligentsia, its success will be measured once the tax authorities nail the suspicious deposits and hold the depositors accountable, according to R Gandhi, former Reserve Bank of India (RBI) Deputy Governor.

RBI issued the 1st report giving data after demonetisation.

A raft of economic data since the note ban decision have signalled that $2 trillion economy was hurt by the cash clampdown, raising fears that the economic growth would stall.

Prime Minister Modi sought to gain legitimacy for his freakish decision by claiming that note ban would help in controlling terror and instability in Kashmir.

However, horrific is the manner in which demonetisation was unleashed on an unsuspecting country that trusted its leader, Narendra Modi, to take all the right decisions in their favour.

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Insisting that the impact of noteban was "extremely positive", the finance minister said on Thursday, "Confiscation of money was not the objective of demonetisation..."

The idea was to make it hard for hoarders of undeclared wealth, known in India as "black money", to exchange their undeclared cash for legal tender.

Congress rubbished as "obfuscation" the government's claims that demonetisation had led to an increase in taxpayers and curbed black money, and asked PM Narendra Modi to apologise to the nation for history's "biggest scam".

At the time, officials said that at least 20 percent of the outlawed currency was expected to be wiped out as tax evaders destroyed notes rather than open themselves to scrutiny by depositing the cash.

"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. The economists deserve Nobel Prize.' Means, the printing charges for RBI (21,000 Cr) is higher than the cash not-returned (16,000 Cr) by citizens. Arun Jaitley said that all the objectives regarding the entire process of demonetization by the government are on track. AAP also hit out at the Modi government and claimed that extra notes worth Rs 1.1lakh crore were deposited in banks following demonetisation.

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From the reports/data earlier published by RBI, currency in Rs.1,000 and Rs.500 denomination in circulation was at Rs.15.44 lakh crore. Talking exclusively to India Today, Chidambaram justified his twitter criticism where he had said that only Rs 16000 crore out of demonetised notes of Rs 1544,000 crore did not come back to RBI. An upward trend was also noticed in March again part due to year-end investments and tax payments by individuals. However, many people stood against the decision of Modi govt.

"If this is what is fastest growing, we do not know (prime minister) what is low growth and job losses", he said.

In 2016-17, this number of suspicious transaction reports filed jumped to 4.73 lakh, of which 3.61 lakh were reported by banks.

RBI said just 8.9 crore pieces of Rs 1,000 notes or 1.3 per cent of the scrapped ones have not returned. The government has been gradually making enrolment to its national electronic database "Aadhaar" mandatory for tax returns, opening of bank accounts and any purchases above 50,000 rupees.

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