Demonetisation anniversary: 99 per cent old notes returned to banks; so where is the black money?

india | Wednesday, November 8th, 2017
Team Asianet Newsable
Highlights
  • The Reserve Bank of India's annual report has claimed that only 16,000 crore rupees have not been deposited in the bank
  • This amounts to one percent of the total of the scrapped old notes
  • Was Modi government talking about recovering just one percent of black money?
  • If yes, is it worth inconveniencing 99 percent of people including the death of 150 people due to ill-effects of demonetisation?

The Reserve Bank of India's annual report has claimed that only 16,000 crore rupees have not been deposited in the bank. If this amount seems like a huge one, here is news for you. This is just one percent of the total money that was returned to the bank. So, was putting lives and living of crores of people especially from middle and lower classes to risk just for this one percent of money?

According to the RBI data, of the total scrapped notes worth Rs 15.44 lakh crore, 15.28 lakh crore have returned to the bank, which means 99 percent of the notes are in the bank. So, where is the huge amount of black money PM Modi and his government was talking about?

Neither 150 deaths due to a lack of new notes to be paid in the hospital, or standing in the long queues for days or cash strap; nor the fact that the prices of basic commodities including LPG, vegetables etc have gone up considerably has moved those who had initiated the process of demonetisation.

Even to this day, after one completing one year of demonetising Rs 500 and Rs 1000 currency notes which were used widely, only emotional appeals are made that whatever is done is done for the good of the people, to eradicate corruption and bring back black money.

Considering the fact that demonetisation is for the good of the people, who have been benefitted by this move? The small traders, micro companies and those who depended on handicrafts and other small businesses are still not able to fight the affects of demonetisation.

In addition, the gift of GST (the one tax rule) has made their lives worse. Demonetisation and GST look like burdens on the small and medium industries with increasing petrol, diesel prices and increase in the price of other basic commodities as told earlier.

Now has the black money been traced? If tracking one percent missing money is the achievement of the government; it is the failure of the great move as the percent of people who have been inconvenienced are more than 70 percent when compared to one percent recovery.

After all, everyone in India will surely want to know where did the huge amount of black money go? If only one per cent money is missing, who has this one per cent of the black money? Do the small-scale or micro industries have this money? If not why are they being forced to face the ill-effects of the demonetisation, just to recover one percent of black money?

 

 

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