Demonetisation achieved its objectives substantially, says govt
Demonetisation helped in checking black money, promoting digital transaction and weeding out fake notes: Economic Affairs Secretary S.C. Garg
New Delhi: The government today said the demonetisation of Rs 500 and Rs 1,000 notes in November 2016 achieved the objectives “quite substantially”, even as the Reserve Bank of India report outlined that 99.3% of junked notes came back to banks.
Economic Affairs Secretary S.C. Garg said the objectives of the note ban such as checking black money, terror financing, promoting digital transaction and weeding out fake currency notes had been achieved. “I think demonetisation has achieved its objective quite substantially.”
According to the RBI’s annual report released today, as much as 99.3% of the junked Rs 500 and Rs 1,000 notes have returned to the banking system.
Garg also said there was no shortage of currency notes in any part of the country. On 8 November 2016, Prime Minister Narendra Modi announced the demonetisation of high-value currency notes. Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on 8 November 2016, when the note ban was announced, notes worth Rs 15.31 lakh crore have been returned. This meant just Rs 10,720 crore of the junked currency did not return to the banking system.
- Lion Air crash: Boeing steps up airline outreach on 737 Max
- Mike Pence slams China, says US offers countries ‘better option’
- India set to buy Seahawk helicopters from US for $2 billion
- Trade war will produce ‘no winners’, China’s Xi Jinping tells leaders
- 41% Indian employees feel they are poorly paid, says ILO study
Editor's Picks »
- Future Retail’s Q2 result shows improvement in same-store sales
- Private insurance firms grow at the expense of LIC stuck with a sick bank
- Page Industries’s lofty valuations get a reality check in Q2
- Q2 results: Grasim’s Vodafone Idea stake is proving costly
- How Vodafone Idea’s $3.5 bn fundraising will impact telecom in India