P Chidambaram Slams Centre Over RBI Report On Demonetisation

99.3 Per Cent Of Demonetised Notes Returned To Banks RBI

"Remember who had said that Rs 3 lakh crore will not come back and that will be a gain for the government", the Congress leader said in a series of tweets. The numbers have come after nearly two years since the demonetisation was announced on November 8, 2016. Verification and process of the SBNs has been completed.

The news was revealed in the Reserve Bank of India's (RBI) annual report, published Wednesday, which indicated an inter-departmental unit has already been formed within the organization to study the "desirability and feasibility to introduce a central bank digital currency".

He referred to the annual report of the RBI previous year which said at that time that most of the notes were counted but the process was not complete. This meant just Rs 10,720 crore of the junked currency did not return to the banking system. The withdrawal of notes had sparked an acute shortage of cash in India and hit the economic growth.

Some found clever ways to avoid the long lines, like bribing bank managers or paying people to stand in their place. Indian economy lost 1.5 per cent of GDP in terms of growth.

Former finance minister P Chidambaram claimed that more than 100 lives were lost and lakhs of jobs were destroyed due to closure of businesses after demonetisation. 15 crore daily wage earners lost their livelihood for several weeks.

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The Indian economy lost 1.5% of GDP growth that accounted for a loss of Rs 2.25 lakh crore a year, he said.

Tewari claimed as a outcome of the demonetisation exercise, the dividend paid by the RBI to the government of India was halved from Rs 65,876 crore in 2015-16 to Rs 30,659 crore in 2016-17. It will severely affect the common people of the country, especially, farmers, unorganised sector, small entrepreneurs and hard-working middle class. Over Rs 2 lakh crore of black money reached banks, while around Rs 1.75 lakh crore deposited by people post-note ban was under suspicion, it had said, adding that around 18 lakh people with disproportionate income were under government scrutiny.

Sen also mentioned the use of black money, he said that trade and money lending are the commonest ones. Raising doubts about the entire demonetisation exercise, Mamata asked if it was a "scheme hatched to allow some black money holders to quietly convert their black money into white".

India's big gamble to ban its largest denomination notes failed to flush out stockpiled cash and hurt the economy, according to data from the country's central bank.

The RBI said that the detection of counterfeit Rs 100 notes increased 35 per cent to 239,182 pieces during the said period, compared with 177,195 notes in 2016-17 and 221,447 in 2015-16.

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