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Cashless economy was not the original objective of demonetisation

Cashless economy was not the original objective of demonetisation

He said, "Post-demonetisation that number went close to 54-55 per cent but it has now come back to 45-46 per cent".

Sharma wondered what the note ban decision had achieved as 99 per cent of the money had been returned, and accused the prime minister of "changing the narrative" on the issue. It was believed that the amount of currency which did not get back to the banking system may be termed as black money. "Shame on RBI which "recommended" demonetisation", the former finance minister said.

The major opposition party, Congress, that has always been opposing and criticizing the demonetization move has again took a swipe at central government by calling it a "debacle" and "failure". The study done by RBI shows that the rate of FICN detected per million pieces of notes processed at the currency chest level at 7.1 pieces for Rs. 500 denomination and 19.1 pieces for Rs. 1000 denomination, which were higher than the rate of detection at the Reserve Bank (5.5 pieces for Rs. 500 and 12.4 pieces for Rs. 1000).

However, government showcased it as one of the bold decision and BJP president Amit Shah had claimed, "In next 50 days not a penny of black money will remain in our banking system".

However, horrific is the manner in which demonetisation was unleashed on an unsuspecting country that trusted its leader, Narendra Modi, to take all the right decisions in their favour. He inflicted misery upon the people of India, wrecked the country's economy.

This is a fact that even his top bureaucrats who were responsible for drawing the demonetisation blueprint did not expect the entire cash to come back to the system. The poor suffered the most.

On being asked whether demonetisation succeeded in cracking down on black money, Jaitley replied, "It has brought a large scale of unaccounted wealth into the mainstream..."

Another stated aim of the demonetisation drive was to increase the tax base. "India can never forgive Modi govt for this anti-national act", he tweeted.

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The absurdity of this argument now stands exposed.

"Utterly failed Demonetisation is nothing but a disaster in which 104 innocent people were killed while "Corrupt" made "Windfall Gains".

The Congress said the prime minister should apologise for demonetisation as it had inflicted "misery" on the people and dealt a "body blow" to the economy.

The Congress party on Friday slammed the government over demonetisation and asked Prime Minister Narendra Modi to stop spreading false propaganda, after the GDP of the country plunged to a three-year low.

The RBI annual report said that "subject to future corrections based on verification process when completed, " the estimated value of the banned notes it "received" was Rs15,28,000 crore. The RBI yesterday said about 99 per cent of Rs 15.44 lakh crore demonetised currency came back into the system.

In other words, they could always ensure that any shift from currency to bank deposits forced upon them by the government could be made to impinge to the required extent on their "white" transactions and not on their "black" transactions, so that their total business, taking both "white" and "black" operations together, was not affected.

In his Independence Day speech this year, Prime Minister Modi said that more than Rs 1.75 trillion deposited in banks after demonetisation was under the scanner.

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