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RBI Clearly States The Failure Of Modi
By: Tupaki Desk | 11 Jun 2018 9:56 AM GMT
Narendra Modi is one of the most famous politicians around the globe. When he came to power in 2014, many celebrated it as the new beginning to a flourishing India.
But after 4 years, there are many who are praising UPA Government and abusing Modi. Still, Modi and his supporters keep saying that De-monetisation is their biggest victory and they will promote it likewise further too.
The problem here is the reality of the situation. We can see, how ATMs have become Any Time Money-less machines and how people are frustrated with Banking situation in entire Nation.
To prove that in numbers, RBI released it's estimates on how much currency people are storing with them and not depositing in banks.
In 2014, the estimate was Rs. 13 lakh crores and in 2016 it reached, Rs. 16 lakh crores. This is the time, when Modi announced De-monetisation as the only measure to control black money.
In 2017, due to the act, the currency value that people stored with them by different means, is valued at Rs. 7.8 lakh crores.
But by May, 2018, the value has gone upto Rs. 18.5 Lakh crores. Well, this is a clear sign of Government failure as the black money stacks have increased but did not decrease.
People are losing their belief in Banking system and it is becoming increasingly difficult for common people to draw money from ATMs and even bankers are saying to come some other day! If at least now, Modi Government can accept the failure and rectify the situation, people of India, will benefit.
Year Value of money
Stacked up by public
(In Rs.)
2014 13 lakh crores
2015 14.5 lakh crores
2016 17 lakh crores
2017 7.8 lakh crores
2018 (upto May) 18.5 Lakh crores
But after 4 years, there are many who are praising UPA Government and abusing Modi. Still, Modi and his supporters keep saying that De-monetisation is their biggest victory and they will promote it likewise further too.
The problem here is the reality of the situation. We can see, how ATMs have become Any Time Money-less machines and how people are frustrated with Banking situation in entire Nation.
To prove that in numbers, RBI released it's estimates on how much currency people are storing with them and not depositing in banks.
In 2014, the estimate was Rs. 13 lakh crores and in 2016 it reached, Rs. 16 lakh crores. This is the time, when Modi announced De-monetisation as the only measure to control black money.
In 2017, due to the act, the currency value that people stored with them by different means, is valued at Rs. 7.8 lakh crores.
But by May, 2018, the value has gone upto Rs. 18.5 Lakh crores. Well, this is a clear sign of Government failure as the black money stacks have increased but did not decrease.
People are losing their belief in Banking system and it is becoming increasingly difficult for common people to draw money from ATMs and even bankers are saying to come some other day! If at least now, Modi Government can accept the failure and rectify the situation, people of India, will benefit.
Year Value of money
Stacked up by public
(In Rs.)
2014 13 lakh crores
2015 14.5 lakh crores
2016 17 lakh crores
2017 7.8 lakh crores
2018 (upto May) 18.5 Lakh crores
