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Rs 14 Lakh Crore Cash vanished
By: Tupaki Desk | 10 Nov 2016 1:07 PM GMT
As per an estimate, Higher Denomination notes such as Rs 500 and Rs 1000 constitute around 86 percent of the total currency in circulation in India. The low denomination notes were just 14 percent of the total currency available.
While Rs 500 denomination notes amount to around Rs 8 lakh crore, Rs 1000 notes could be more than Rs 6 lakh crore.
During the demonetisation during Morarji Desai Government in 1978, Only Rs 125 crore in cash came into the banking system. Around Rs 20 crore black money was lost.
Source say, Demonetisation in 2016 will push Rs 14 lakh crore currency notes in Rs 500 and Rs 1000 denominations into dustbins. Indian economy will lose not less than Rs 2 lakh crore of cash in the form of black money with this move.
While Rs 500 denomination notes amount to around Rs 8 lakh crore, Rs 1000 notes could be more than Rs 6 lakh crore.
During the demonetisation during Morarji Desai Government in 1978, Only Rs 125 crore in cash came into the banking system. Around Rs 20 crore black money was lost.
Source say, Demonetisation in 2016 will push Rs 14 lakh crore currency notes in Rs 500 and Rs 1000 denominations into dustbins. Indian economy will lose not less than Rs 2 lakh crore of cash in the form of black money with this move.
