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August 29, 2018

RBI report vindicates our apprehension about Demonetisation: Mamata Banerjee

RBI report vindicates our apprehension about Demonetisation: Mamata Banerjee

The suspense is over now. In the months following the November 2016 demonetisation, Indians deposited over 99% of banned currency notes in various banks, according to the Reserve Bank of India’s (RBI) annual report released today.

On November 8, 2016, when the PM declared the Rs 500 and Rs 1,000 invalid from the next day, these two notes accounted for Rs 15.44 lakh circulating in the Indian economy, or 86% of the total by value. So according to the RBI report, Rs 15.31 lakh crore returned to the banking regulator.

This is clearly far higher than the up to Rs 10 lakh crore the government expected.

Reacting to the RBI report, Mamata Banerjee tweeted:

As soon as the draconian demonetisation was announced on 8th November, 2016, I immediately sensed by intuition that this is a big anti-people measure. It will severely affect the common people of the country, especially, farmers, unorganized sector, small entrepreneurs and hard-working middle class.

Today, the RBI in its annual report for 2017-18 has vindicated our apprehension.

99.3% of the money has come back to the banking system.

My first question now is –where has the black money gone?

My second question – was this scheme hatched to allow some black-money holders to quietly convert their black money into white?

What a tragedy and what a shame!!!