99% of the Rs.1,000/- and Rs.500/- notes came back into the banking system – says Reserve Bank report.
The Annual Report of the Reserve Bank of India, for 2016-17, says that 99% of the demonetised Rs.1,000/- and Rs.500/- notes have already come back into the banking system. The value of the demonetised Rs.1,000/- and Rs.500/- notes is Rs.15.44 lakh crore. Out of these, only Rs.16,000/- crore has not come back into the banking system. Ever since Demonetisation was made in 8th November, 2016, the Modi government has been claiming that black money holders are given a severe blow. But, the report of the RBI which says that, 99% of the demonetised rupee notes have come back, only shows that the Demonetisation is a total failure in unearthing black money. However, in his Independence Day speech, Prime Minister, Narendra Modi, declared from the Red Fort that, through the Demonetisation, Rs.3 lakh crore black money has been caught. No one knows from where the Prime Minister has got this figure? 104 people have died due to the hardships caused by Demonetisation. (Source: The Hindu)