Post demonetisation, the RBI spent ₹7,965 crore in 2016-17 on printing new ₹500 and ₹2,000 and other denomination notes.
Congress Cites It as Proof of ‘Modi Made Disaster’
File photo
Our Correspondent / New Delhi
Contrary to the Government expectation, 99.3 percent of the old Rs 500 and 1,000 notes, that were banned overnight in November 8, 2016, have been returned, the Reserve Bank of India said in its annual report. It shows that there was not enough black money in the country during the note ban
Of the Rs 15.41 lakh crore worth of Rs 500 and Rs 1,000 notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned. The “humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved,” it said.
The SBNs received were verified, counted and processed in the sophisticated high speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded, it added.
SBNs refer to the demonetised old Rs 500 and 1,000 notes.
RBI said the processing of SBNs has since been completed. “The total SBNs returned from circulation is Rs 15,310.73 billion.”
The RBI said, “Compared to the previous year, there was an increase of 35 per cent in counterfeit notes detected in the denomination of ₹100, while there was a noticeable increase of 154.3 per cent in counterfeit notes detected in the denomination of ₹50.” Counterfeit notes detected in the new Rs 500 and Rs 2,000 notes during 2017-18 were 9,892 and 17,929, against 199 and 638 respectively in the previous year, it added.
Citing the report as proof, the Congress said reiterated its allegations of demonetisation being a “Modi Made Disaster”. “RBI Report again proves that Demonetisation was ‘Modi Made Disaster’ of Epic Proportions! 99.30% of Demonetised Money Returns! PM Modi,in his 2017 Independence Day speech made tall claims of Rs 3 Lakh Cr coming back to the system! Modiji, will you apologise for that Lie now?” party spokesperson Randeep Singh Surjewala tweeted.
In a series of tweets, former finance minister P Chidambaram said the bulk of the black money might be in Nepal and Bhutan.
RBI Report again proves that Demonetisation was ‘Modi Made Disaster’ of Epic Proportions!
99.30% of Demonetised Money Returns!
PM Modi,in his 2017 Independence Day speech made tall claims of Rs 3 Lakh Cr coming back to the system!
Modiji, will you apologise for that Lie now? pic.twitter.com/BQkyUyh6hN
— Randeep Singh Surjewala (@rssurjewala) August 29, 2018
Every rupee of the Rs 15.42 lakh crore (barring a small sum of Ra 13,000 crore) has come back to the RBI.
Remember who had said that Rs 3 lakh crore will not come back and that will be a gain for the government!?
— P. Chidambaram (@PChidambaram_IN) August 29, 2018
People suffered immensely due to demonetization. Many died. Business suffered. People have a rt to know – what was achieved thro demonetization? Govt shud come out wid a white paper on the same. https://t.co/q61fil4KgX
— Arvind Kejriwal (@ArvindKejriwal) August 29, 2018
AAP leader and Delhi CM Arvind Kejriwal, too, questioned the gigantic exercise and demanded a white paper on the same.