The ploy of Union Government to unearth at least Rs 3 lakh crore of Black Money using Demonetisation between November 10th and December 30th last year backfired. Anywhere between Rs 14.5 to 15 lakh crore came back into the banking system during the 50 days period. Whereas, Total currency (scrapped Rs 500 and Rs 1000 notes) in circulation is said to be anywhere around Rs 15.4 crore.
Reserve Bank of India is currently carrying out reconciliation and cross-checking to find out if there is any fake currency.
Finance Minister Arun Jaitley claimed he himself isn't aware of how much has come back to the banking system so far. May be, A clarity would be given during the budget session starting from February 1st, 2017.
RBI has officially announced that central bank and currency chest has received Rs 12.44 lakh crore worth old Rs 500 and Rs 1000 by December 10th. The amount could have easily come close to Rs 15 lakh crore by December 30th. In addiction, RBI permitted Indian Residents living in abroad and NRIs to deposit old currency till March 31st & June 30th this year. This facility might further reduce the margin.
Reserve Bank of India is currently carrying out reconciliation and cross-checking to find out if there is any fake currency.
Finance Minister Arun Jaitley claimed he himself isn't aware of how much has come back to the banking system so far. May be, A clarity would be given during the budget session starting from February 1st, 2017.
RBI has officially announced that central bank and currency chest has received Rs 12.44 lakh crore worth old Rs 500 and Rs 1000 by December 10th. The amount could have easily come close to Rs 15 lakh crore by December 30th. In addiction, RBI permitted Indian Residents living in abroad and NRIs to deposit old currency till March 31st & June 30th this year. This facility might further reduce the margin.