1. RBI annual report: 99 pct demonetised currency back, Twitterati ask why did we suffer; see reactions

RBI annual report: 99 pct demonetised currency back, Twitterati ask why did we suffer; see reactions

On Wednesday evening, RBI released its annual report for 2016-17 which had data related to the demonetisation move. The numbers revealed in this report left most people baffled, puzzled, confused and agitated at the same time.

By: | New Delhi | Published: August 30, 2017 7:24 PM
RBI annual report, RBI, RBI report, rbi demonetisation report, rbi report on demonetisation, reserve bank of india, rbi report twitter reaction, twitter reaction on rbi, economy news, latest news On Wednesday evening, RBI released its annual report for 2016-17 which had data related to the demonetisation move. (Source: Reuters)

On Wednesday evening, RBI released its annual report for 2016-17 which had data related to the demonetisation move. The numbers revealed in this report left most people baffled, puzzled, confused and agitated at the same time. The report said that almost 99% old notes have come back while mentioning that just 1.4 pct of old Rs 500 and Rs 1000 notes which were demonetised were not deposited in the banks. As per the report, out of 632.6 crore pieces of Rs 1,000 currency notes in circulation, 8.9 crore have not been returned post the note ban last November. RBI said that old notes worth Rs 15.44 lakh crore were there in the market, out of which 15.28 lakh crore have been received by the bank.

Twitterati didn’t welcome this news and were quick to remind the government about the problems that they faced after the demonetisation move. What made them angrier was the fact that report revealed that cost of printing notes doubled to Rs 7,965 cr in FY’17 from Rs 3,421 cr in FY’16 on account of new currency printing post note ban. Despite this, there were some people who tried to defend the Narendra Modi led BJP government.

Here is how Twitterati reacted to RBI annual report:

The old Rs 500 and Rs 1000 notes were demonetised by the government on November 8 last year in an attempt to weed out black money in the country. Back then, the government had given a deadline to deposit the old notes which led to some chaos and trouble. The old Rs 500 notes were replaced with the new ones but Rs 1000 notes were completely removed from circulation.

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