99% cancellation of notes after returning notice: RBI's official disclosure

99% cancellation of notes after returning notice: RBI's official disclosure
The Reserve Bank of India presented its annual report on Wednesday. According to the report, 15.28 lakh crore notes of Rs 15.44 lakh crore circulating notes circulating in the Indian economy before the notice period have been returned to the RBI. It means that 99% of the restricted notes are returned to the RBI. The notes were returned from the government-issued notes to 30 June 2017. The RBI also said that they have not returned the total amount of Rs 16,000 crore. It has also been disclosed in the report that at that time, Rs 8,900 crore in the currency of Rs.8.90 crore was not returned.
Apart from this, the notes worth Rs. 7,100 crore have not returned.
According to sources, knowledge makers and market experts are criticizing the government's performance and commitments after this report of RBI. Some analysts say that at the time of the notebook, there was a lot of mischief by the Modi government for the benefit of the note-maker which was being proved wrong.
Other costs for printing of notes
In the year 2016, the government spent Rs 3,421 crore on printing of notes. In comparison, this year, the government has spent Rs 7,965 crore on printing of notes. It seems that the government has spent more than double the printing of notes in just one year. On the other hand, the government also says that the market's circulation decreases by 20.2%. There has also been a lot of benefits from people turning to e-payment system.
2, 000 of 3, 285 million notes in circulation
After the disclosure of the notice, 2,000 notes and 500 new notes were put in the currency. So far, 3,285 million notes of 2,000 have been circulating on the market by the RBI. The value of these notes is Rs 6,571 billion. On the other hand, 5,882 million rupees worth of Rs. 2,941 billion worth rupees 500 rupees have been circulated.
RBI should be ashamed: Chidambaram
Congress leader and former finance minister P. Chidambaram tweeted that only Rs 16,000 crore of notes of 15.44 lakh crore circulating in the economy of the country have not returned and the government spreads lies to find black money. If RBI has suggested a gambling to find the same amount, it should really be ashamed. 99 percent of the notes are returned. The government did not make any nondescript fact to black money of his friends, did he not?
Digitization increased by notebook: Jaitley
Oppositions in the defense of the government were severely criticized for not doing the ban. He said that the RBI's figures are in place, but the government's circular has been successful on all fronts. This has led to the country's success in digitization. On the other hand, the tax base has increased, the Terror Funding closes
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