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RBI data proves Prime Minister Modi's demonetisation failed on all fronts

02 September, 2017, 00:16 | Author: Kristen Ingram
  • P Chidambaram

RBI's data shows an 11.79 percent decrease of cash in the system from June 2016 to July 2017 or a change of Rs Rs 17.07 lakh crore in June 2016 to Rs.15.06 lakh crore in June 2017. After review, he said, it may well transpire that taxes had already been paid upon these deposits, or that the money was not liable to be taxed at all.

The government declared ban of Rs 1000 and Rs 500 notes on 8th November 2016 in an attempt to flush out black money from the country. "So there is nothing new in black money detection and every year Income Tax Department makes similar claims", Chidambaram said.

During the meeting, the Prime Minister also asked the ministers to spread the message of the government about work done for the benefit of weaker sections of the society especially the OBCs.

Jaitley further said that the goal of note ban was not to accumulate money in the banking systems but it was to detect the forged notes and remove it from the economy.

Despite the chaos caused as people spent days queuing to swap old notes for new and cash-dependent businesses suffered a slump in sales, many people supported demonetization after Modi framed the decision as a fight for the poor against the corrupt rich. People's deposits became an encumbrance on the balance sheets of banks.

Congress senior spokesperson Anand Sharma said none of the measures that Modi had promised with the ban on high-value currency notes, put into effect in November previous year, had been realised.

Summary: The Sena attacked Modi, saying that the PM announced the demonetisation as a "historic" move to tackle the spread of counterfeit currency.

"Our advice to the prime minister, his finance minister and other propagandists is stop making boastful claims, be serious in coursed correction and give the account of your failures", Sharma said. The former union minister also said that cashless economy was not the original objective of note ban.

He also said that the demonetisation scam not only dented institutional sanctity of the RBI but also the credibility of India overseas and demanded an apology from the prime minister.

India's 2016-17 GDP growth is expected to be Rs 151.84 lakh crore, according to data from the Central Statistics Office.

He also said in the last six quarters under Modi, the GDP growth sank from 9.2 per cent to 5.7 per cent. "They didn't know how many Rs 500 and 1,000 notes they had in circulation?" he asked. Before the notes ban, the volume of digital transactions was much higher at 1,452 million in September 2016. "He must apologise to the country and we will continue to force accountability on this issue", he said.

The Centre further said that funding of terrorist and naxalite groups had "stopped nearly entirely" since the note ban.

Modi's so-called "demonetisation" bill contributed to the growth easing to its slowest pace at 6.1 percent in January-March, its slowest pace since late 2014 as large parts of India's economy was dependent on cash transactions. The economists deserve Nobel Prize99% notes legally exchanged!

According to the report issued by the RBI, for the financial year, 2016-17 now total of 3285 million notes of 2000 are in circulation, worth the value of 6571 billion rupees and 5882 million notes of 500 are in circulation worth the value of 2941 billion rupees.

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