Demonetisation Report: Money worth Rs 1531000 crores back in bank's system

29 Aug 2018 12:28 PM

Demonetisation Report: Money worth Rs 1531000 crores back in bank's system

Updated 29 Aug 2018 12:28 PM

 In a fresh report by Reserve bank of India on the demonetisation announcement made by government 2 years ago, it has come to light that money worth 15 lakh 31 thousand crore has come back in the systems of the bank.

As per the report, money worth 15 lakh 44 thousand crore in the form of Rs 1000 and Rs 500 notes floating in the market were banned by the bank on Nov 8, 2016 post Prime Minister Narendra Modi’s demontisation announcement.

The government had discontinued the currency of Rs 500 and Rs 1000 notes, which it claimed would ‘eradicate black money from the market’.

Commenting on the same, Congress lashed out at the government stating that the purpose of note ban; which as per government’s claim was eradicating black money has dissolved.

In his announcement, PM had declared that post 12 am on the night of November 8, the old Rs 500 and Rs1000 notes would not longer remain a legal tender; which created a turbulence in the market for months. Post the announcement, long queues of people could be seen outside banks; where people had come to deposit their old currency in lieu of the new one.

During the process, around 100 people had also lost their lives, either due to starvation or while standing in queue outside banks.

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