In a major setback for the PM Modi-led NDA government’s claim over bringing a recognizable change in the economic vistas of the country with implementation of demonetization, the Reserve Bank of India (RBI) recently released a data that shows 99 percent of the banned Rs 1000 notes were recovered by the bank post-demonetization period.
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The question arises here that either the note banishment step had a glorious outcome with recovery of the black money which the government had aimed to get in return or the black wealth which the government portrays to have been recovered was not at all in the form of 1000 denominations.
In this scenario, as the government has gained a skyrocketed mileage by public announcements that iit had recovered a huge amount of black money that it had promised to get back and even the party’s highest flag bearers publicly announced that they would accept any punishment if the move turns out to be a failure. Since then no one has the guts to challenge a person who acts pseudo when he exercises the utmost power you had known.
Even though a period of 8 months have been elapsed, the saffron party still needs time by an excuse that the notes are yet being counted. The issue was repeatedly raised by the opposition in both houses of the Parliament, but the Top bank and the witful government dodged the allegations with an excuse that the notes are checked very cautiously as to avoid incoming of counterfeit notes.
As the countrymen are known of the fact that the excuses are just lies the government is taking shelter off, the RBI is on the verge to act fiddle under the instructions without revealing the truth.
However, it seems that the reality has gained momentum to emerge with a set of data released by the RBI showing there were Rs 8925 crore worth of 1000-rupee notes in circulation in the financial year 2016-17 that ended on 31st March 2017.
The total value of demonetized currency on 8 November 2016 was Rs.15.44 lakh cr. Of this, 1000-rupee notes made up about 44% and 500-rupee notes 56% approximately.
Experts say that what goes for 1000-rupee notes is equally applicable for 500-rupee notes. Although data is not released but in all probability 98-99% of 500-rupee notes must also have come back.
The note ban ultimately ruined lives of common people. It nor helped in to curb terrorism neither it checked the circulation of counterfeit notes. So, the step may be termed as a failure on all grounds. It brought miseries to the daily wagers and even widened the doors for bankruptcy.
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.