Reserve Bank of India gave a report that Demonetisation in India was a Big Failure.

  • RBI's Report on Demonetisation in India-

  • • Only 0.7 per cent demonetised notes did not return to banks.
  • • RBI dividend to government reduced by half post-demonetisation.
  • • Government hopes to gain from black money that entered banking system.

PM Narendra Modi said it was never about Black Money on account of Demonetisation in India.



Prime Minister Narendra Modi has on several instances mentioned how demonetisation helped curb black money.
On November 8, 2016, when he announced the decision to demonetise high value currency notes, he said, "To eradicate black money and corruption, we need to make another tough decision. From today November 8, 2016 midnight, Rs 500 and Rs 1000 notes will no longer be legal tender."
Even during the 71st Independence Day speech, the PM had emphasised on the importance of demonetisation.
"Demonetisation has helped a lot in curbing black money. The black money that was hidden is now in public domain. Our aim was that all money coming should become part of the formal economy. According to a research, Rs 3 lakh crore has become part of the system, Rs 1.75 lakh crore deposited in banks is under probe and over Rs 2 lakh crore black money has reached banks. Those who have deposited this amount will now be made answerable," PM Narendra Modi said.
Shukla said the money that is not in circulation is considered as black money. It has now reached banks thus the problem of black money is solved.


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