RBI’s latest report is clinching evidence that demonetisation was a failure
RBI’s latest report is clinching evidence that demonetisation was a failure
99.3% of demonetized-notes worth Rs. 15.31-lakh-crore returned to banks: RBI
30 August, 2018, 17:25
The old notes of 500-rupee and 1,000-rupee denomination ceased to be legal tender from December 31, 2016. "I suspect that the bulk of the currency (Rs 10,720 crore) was in Nepal and Bhutan and some of that was lost or destroyed". The statistics suggest that the demonetisation exercise failed to check black money, which was claimed to be one of the main aims of banning specified notes.
Thousands of SME units were shut down, lakhs of jobs were destroyed and the Indian economy lost 1.5% of GDP in terms of growth, Chidambaram said in another tweet. The total value of SBNs in circulation as on November 8th, 2016 was 15417.93 Billion which means almost all (99.15%) banned notes were deposited back indicating that the Demonetization is a big failure. Experts say, that having a large number of Rs 2000 notes in circulation would have defeated the goal of demonetisation, which was to stop circulation of black money.
Stating that the country paid a huge price for demonetisation, he said: "Over 100 lives were lost, 15 crore daily wage earners lost their livelihood for several weeks". RBI has informed that the Specified Bank Notes Processing has been completed at all centers of the Reserve Bank. Which means, just a sum of Rs. 10,720 crore of the baned currency did not return to the banking system.
Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, when the demonetisation was announced, notes worth Rs 15.31 lakh core (99.3 per cent) have been returned. For instance, the SBI's economic research department, headed by chief economist Soumya Kanti Ghosh, predicted that up to Rs 2.5 lakh crore wouldn't come back into the banking system.
Sen also mentioned the use of black money, he said that trade and money lending are the commonest ones. An amount of Rs 107 billion has not yet been received by the RBI after the cash ban, the report said.
The total SBNs returned from circulation is 15310.73 Billion. "My first question now is - where has the black money gone?" she remarked.
According to official data given by the RBI, the value of banknotes in circulation has increased by 37.7% over the year to ₹18,037 lakh crore as at end-March 2018. Meanwhile, the central bank may soon come up with varnished notes to increase their lifespan, which would not only reduce replacement requirement but would also save the central bank from security printing expenditure. "In consonance, the use of digital payments, which had surged to a peak in December 2016 in the aftermath of demonetisation, fell back to the elevated post-demonetisation trend before rising in recent months", the RBI notes. However, this is more than double the amount of Rs. 3,421 crore that was spent in the previous year (July 2016 to June 2017).
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