RBI Informs No Data on Black Money Recovered by Demonetisation of Rs.500 & Rs.1000 Notes

First of all, we all know that demonetisation hit Indian in November 2016 and now we all are almost recovered from it. As per the reports, this demonetisation already affected our GDP growth in the very bad way and it hit a 3 year low. Well, this is not enough because now we have new news to get worried about. Here, we are talking about the new RBI reports which are saying that “there is no data that is available on how much black money they have recovered by note ban strategy.”

Isn’t it sad that we did a lot for something and in the end, we don’t even know that we achieved it or not? Well, as per the reports of RBI ‘Stating that an estimated Rs 15.28 (rpt) 15.28 lakh crore in junked notes has come back “subject to future corrections based on verification process”, the Reserve Bank also said it has “no information” whether demonetisation is being planned to be implemented at regular intervals.’

RBI Informs No Data on Black Money Recovered by Demonetisation

In the answer to the question of Parliamentary Standing Committee on Finance headed by M Veerappa Moily on July 12 RBI replied in 16 pages sheet. Also, they explained everything in their sheet and said subject to completion of verification process, it has got back currency notes worth the value of Rs 15.28 trillion till June 30, 2017.

Also, the sources are saying that RBI has said that some of these Specified Bank Notes (SBNs) are still lying in the currency chests and the value of the SBNs received by the currency chests have been credited to banks on “said to contain” basis.  Also, they added that “Till such time these notes are processed by the RBI for their numerical accuracy and authenticity, only an estimation of SBNs is possible,”.

In the end, RBI is in big trouble because they are facing flak from the opposition parties for demonetisation and delay in disclosing figures on the junked notes. They have not much option right now and they have to work out on a solution for sure.

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