RBI: “99% Of Banned Currency Are Back Post Demonetization, Where’s The Black Money?”!!


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Indians are shocked by the shocking move of note ban by the Indian Prime Minister Narendra Modi. On Wednesday, Reserve Bank of India, (RBI) in its annual report said that almost all cash around Rs. 15.44 lakh crore (i.e., $242 billion) is banned.

In a statement, the Finance Ministry said a “significant portion” of it could be BLACK MONEY. The tax authorities have discovered the unveiled income of around Rs. 17, 526 crore and Rs. 1,003 crore has nabbed till now as the statement.

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Avoiding off criticism that the demonetization failed to offer on its aim of tracking ‘untaxed money’, Finance Minister Arun Jaitley said:

“THAT WAS NOT THE OBJECTIVE OF DEMONETIZATION. IT WAS NOT AN EXERCISE TO SEIZE MONEY BUT NOT TO TAKE A DIG TOWARDS DIGITIZATION, ENDING SHORTAGE OF CASH.”

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Modi government had approximated about Rs 5 trillion wouldn’t be announced after demonetization, indicating that this was cash stored away illicitly to prevent tax.

Post demonetization, the growth relieved to 6.1 per cent in the initial three months of 2017, its slowest speed since late 2014 as a large part of the economy of India relies on cash transactions.

1. India got Rs. 15.28 lakh crore banned 500, 1,000 notes: RBI

The RBI said that which 99 per cent of the banned currency has been legally back in the eight months after demonetization. Only 1 per cent that has not returned to the bank which adds up to nearly Rs. 16k crore.

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2. While declaring low demonetization notes illegal in one decision and imposing limitations on how the money could be back, the government had said it intended to curb tax law breakers, undeclared wealth hoarders or black money.

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3. PM had said on a TV while addressing the nation:

“THIS MOVE WILL STRENGTHEN THE HANDS OF THE ORDINARY PEOPLE IN THE FIGHT AGAINST CORRUPTION, BLACK MONEY, AND FAKE CURRENCY.”

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4. It took months for the CASH CRUNCH to ease.

Post demonetization, millions of Indian people queued up for late night hours at ATMs and banks for money. A shortage of new currency and a delay in the amendment of ATMs took months to solve cash crunch issue.

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5. But it seems that people returned nearly all of the cash

It implies that there was a minimal amount of due money held in cash by those seeking to hide it.

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6. Mr. Jaitley said while adding that terror funding had also eliminated.

“SOME DON’T UNDERSTAND THE OBJECTIVES OF DEMONETIZATION. THE EFFECT HAS BEEN EXTREMELY POSTIVE REGARDING EXPLADING THE TAX BASE AND MORE DIGITIZATION”.

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The senior minister also described that 10 to 11 lakh crore was expected to be deposited after currency ban.

7. Few economists have highlighted the advantage of note ban including cash introduction into the banking system and thereby reducing the price of loans.

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8. Opposition parties tried to underscore DIDTURBANCE due to demonetization

But they failed to diminish the appeal of Modi and the BJP, which has since collected significant electoral victories, including a win in UP polls earlier this year. The BJP said their success proved public confidence in the PM’s pledge to curb corruption.

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9. The Congress has arrested the RBI numbers for targeting the BJP government once again.

P Chidambaram, Former finance minister taunted that “economists behind note ban deserve a Nobel prize.”

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He said:

“DENTED NOT ONLY THE INSTITUTIONAL SANCTITY OF RBI BUT ALSO THE RELIABILITY OF INDIA WORLDWIDE. THE PM SHOULD APOLOGISE TO THE NATION…SHAME ON RBI”.

10. Modi had banned high-value notes last year to battle corruption

On 8 Nov 2016 amid frequent questions asked by the Congress about how the currency ban had helped to eliminate black money, PM said in his Independence Day speech:

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“THE NOTE BAN, ACCORDING TO THE INDEPENDENT REASRCH, CONTRIBUTED TO BRING RS 3 CRORE OF UNACCOUNTED WEALTH INTO THE BANKING SYSTEM”.

WATCH VIDEO HERE:

SOURCE: 1)

IMAGES SOURCE: 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12)

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RBI: “99% Of Banned Currency Are Back Post Demonetization, Where’s The Black Money?”!!

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