Opinion

Big Breaking!!! Demonetisation is a huge success, says the RBI Annual Report; This is how PM Modi will hunt down the corrupts soon

Days ago, Rahul Gandhi had mocked at the government for not providing the details of demonetisation. But now the details are out on the domain but unfortunately Rahul Gandhi is missing to watch out this historic moment as he is on his foreign tour.

The Reserve Bank of India on Wednesday revealed in its annual report that Rs 15.28 lakh crore, or 99 per cent of the Rs 15.44-lakh-crore scrapped currency notes, had come back to the central bank since the government’s demonetisation decision.

The RBI also stated that worth Rs 8,900 crore (89 million units of the demonetised Rs 1,000 notes) have not come back. It further added that the Rs 2,000 notes constitute just little above 50% of the demonetised currency as of March end.

The report also said that the overall currency circulation in the system has come down by nearly 20%. This is a huge success and soon India can achieve a cash les economy.

The demonetisation was announced on November 2016 by scrapping the Rs 500 and Rs 1000 notes from the economy.

The opposition was pressuring the government to release the details of the demonetisation but the official numbers were not revealed until the RBI released its annual report on August 30.

Hunt for the corrupt will begin now!!!

The main purpose of demonetisation was to give a huge blow to terror funding and black money that was growing at a rapid force. Now that almost 99 percent of the currency has been returned after the demonetisation, every rupee will be traced by the officials.

The corrupt didn’t want to lose their black money after demonetisation. So they had even spilt away their money among their friends and tried to deposit it back into the bank. Now it’s the officials’ task to find out those who had deposited their money illegally.

The immediate objective of demonetisation was to flush out a large amount of black money hoarded in cash, and the long-term objective was to convert our cash-based economy into a digital one. This conversion will turn India into an efficient economy with higher tax revenues.

It will also help to achieve a cleaner society with a low crime rate because it will become difficult for terrorists, smugglers and other racketeers to operate through banking channels.

“Black money doesn’t become white just because it is deposited in a bank account”

Yes, this sentence should be remembered by the Congress and its blind followers who don’t want the nation to progress. Now we can hear voices shouting that “demonetisation is a failure” because almost all the currency is deposited back. But the game begins now because now the government will start to haunt the corrupt who had deposited their money into the bank.

Source:http://www.business-standard.com/article/economy-policy/rbi-annual-report-99-of-demonetised-currency-back-into-the-system-117083000891_1.html


Nishika Ram

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