P Chidambaram slams RBI over note ban

Posted August 31, 2017

Barring Rs 100 notes, the detection of counterfeit notes increased across denominations - notably Rs 500 and Rs 1,000 - during 2016-17, the RBI said in its Annual Report.

After launching Rs 200 note for the first time in history, RBI also plans to issue new Rs 1000 currency notes which had discontinued previous year during Prime Minister Modi's demonetization move.

The RBI has said in its annual report that out of the Rs.15.44 lakh crore demonetised currency, Rs 15.28 lakh crore has come back to it.

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RBI said there were as many 588.2 crore of Rs 500 notes, both old and new in circulation as of March 31, 2017.

"The value of banknotes in circulation declined by 20.2% over the year to Rs 13,102 billion as at end-March 2017". The newly introduced Rs 2000 notes have been playing a major role and these account for almost 50 percent of the total circulation in value, as on March 31, 2017. The share of newly introduced 2000 banknotes in the total value of banknotes in circulation was 50.2% at end-March 2017.

The central bank did not provide separate figures in respect of the banned Rs 500 notes which had not returned. But expectations of various quarters that sizable portion of the demonetised currency won't return has not been fulfilled. "The economists deserve Nobel Prize", he tweeted.

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He said:"99% notes legally exchanged!"

The move that shook the nation seems like the black money holders were more benefited because the government showed them the way to convert their black in to white using proxies.

He also said that the demonetisation scam not only dented institutional sanctity of the RBI, but also credibility of India overseas and demanded an apology from the prime minister. While the demonetisation exercise may not have resulted in black money being destroyed in the form of unreturned notes, it may help in tracing unaccounted wealth, RBI said.

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The central bank has been tentative in releasing data on the currency received, stating that the number is only an estimation. He said the demonetisation was not a move to confiscate currency.