RBI says 99.3% banned notes returned to banks, Congress calls it proof of 'Modi Made Disaster'

The government had discontinued the currency of Rs 500 and Rs 1000 notes, which it claimed would ‘eradicate black money from the market’.

The Reserve Bank of India (RBI) (PTI)

New Delhi: In its Annual Report for 2017-18, the Reserve bank of India has said that as much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes worth Rs 15 lakh 31 thousand crore has returned to the banking system.  This meant just Rs 10,720 crore of the junked currency did not return to the banking system. As per the report, money worth Rs 15 lakh 41 thousand crore in the form of Rs 1000 and Rs 500 notes floating in the market were banned by the bank on Nov 8, 2016 post Prime Minister Narendra Modi’s demonetization announcement. The government had discontinued the currency of Rs 500 and Rs 1000 notes, which it claimed would ‘eradicate black money from the market’. Commenting on the same, Congress lashed out at the government stating that the objective of note ban; which as per government’s claim was eradicating black money has remained dissolved. The Opposition parties have fiercely attacked the ruling government for not having been hold black money hoarders accountable after note ban.

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

Chidambaram is in his accompanying tweet suspected that the bulk of the Rs 13,000 crore is currency in Nepal and Bhutan and some that was lost or destroyed. In his announcement, PM had declared that post 12 am on the night of November 8, the old Rs 500 and Rs1000 notes would not longer remain a legal tender; which created a turbulence in the market for months. Post the announcement, long queues of people could be seen outside banks; where people had come to deposit their old currency in lieu of the new one. During the process, around 100 people had also lost their lives, either due to starvation or while standing in queue outside banks.