Demonetisation: 99.3% of old notes now with banks, says RBI
30 August, 2018, 17:25 | Author: Sara Gill
"The large task of processing and verification of Specified Bank Notes (SBNs) was successfully achieved", RBI said. The RBI says the indent for 2017-18 was higher by 9.1 per cent as compared to previous year.
Now, even if 100% of demonetised currency returned to the system, it does not mean all of this cash was "white" or money that was generated through wholly legal means. Indian economy lost 1.5 per cent of GDP in terms of growth.
The Modi government had listed curbing black money as the primary intention of the move, along with making India a less cash-based economy. "If that was the objective then yes, it has failed because Rs 13,000 crore is the amount, which is possibly held outside the country in nations such as Nepal, Bhutan, Bangladesh, Burma who simply did not have the facility to exchange the currency", the news channel reported Sen as saying. This data came to light primarily on the back of processing of notes withdrawn from circulation after demonetisation. In the immediate aftermath of the demonetisation measure effected in November, 2016 the government had claimed that a sum of Rs. three lakh crore to Rs. four lakh crore would not come back to the banks, implying that it would correspond to the unaccounted money in the system. "Lakhs of jobs were destroyed", he tweeted.
Almost 99% of the ₹500 and ₹1000 that were demonetised on the night of November 8, 2016, have now returned to the banks, says the Reserve Bank of India (RBI) in its annual report, released on Wednesday.
With more Rs. 500 notes having been pumped into the system over the last year, the share of Rs. 2,000 notes by value declined to 37.3% as on March 2018, compared with 50.2% a year earlier. The government, while announcing demonetisation, had also cited checking counterfeit notes as one of the reasons. At least this is what the numbers make us feel as 99.3 per cent of demonetised notes have returned into the system revealed the annual report of 2017-18 released by RBI on Wednesday. The thinking behind this theory was that if a certain amount of the demonetised currency didn't come back into the system - if it was dumped in a river or burnt to ashes because its owners were afraid of being caught with black money - it would reduce the RBI's liabilities. "My first question now is - where has the black money gone?" she remarked.
The overall notes in circulation added up to Rs 18.03 lakh crore as on March 2018, displaying a growth of 9.9 per cent over March 2016.
Apart from the currency figures RBI Annual Report for the year, 2017-18 stated that in the evolution of monetary aggregates, currency in circulation surpassed its pre-demonetisation level while credit growth revived to double digits from a historic low in the previous year.
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