30 days after demonetisation, only 30% work done
- The demonetisation nullified 86% currency in circulation worth ₹15.5 lakh crore.
- Currenctly, there is ₹7 lakh crore in new currency being made available.
- PM Modi recently said that the situation will showly move towards normalcy after 50 days.
The demonetisation window of 50 days is closing soon, and there is still a huge scarcity of new currency note as well as low value denominated notes that every single one of us facing.
The demonetisation nullified 86% currency in circulation worth ₹15.5 lakh crore on November 8 and PM Modi verbally assured that the hardship is temporary and in 50 days normalcy will return with new currency notes.
However, more than a month after the government and Reserve Bank of India has only been able to bring in around ₹5 lakh crore worth of new currency notes which is only around one-third of the total banned currency.
Apart from this, according to a national daily report government official confirmed that another ₹2 lakh crore was already given to banks before demonetisation, so that makes the total figure of ₹7 lakh crore.
In terms of deposit of banned currency, the government received ₹13 lakh crore (84% of the total banned amount) till now since demonetisation.
The most recent statement PM Modi made about the 50 days and demonetisation is that "For 50 days this difficulty has to be there. And this difficulty will even increase, but after 50 days, I have done my calculation, the situation, in one go, will turn to gradually move towards normalcy. You will see after 50 days that situation will slowly start improving in front of your eyes."
This itself is an indication that the government might not replace the whole banned currency amount in 50 days time.
Another previous report confirmed that State Bank of India estimation says ₹2.5 lakh crore worth of money may not return to the banking system.