1. Chidambaram taunts RBI over noteban data, says economists deserve Nobel Prize

Chidambaram taunts RBI over noteban data, says economists deserve Nobel Prize

Chidambaram tweeted "RBI 'gained' Rs 16000 crore, but 'lost' Rs 21000 crore in printing new notes! The economists deserve Nobel Prize."

By: | Updated: August 30, 2017 8:39 PM
RBI annual report, RBI, P chidambaram, demonetisation, note ban, noteban, Former finance minister and senior Congress leader P Chidambaram launched a strong attack against RBI. (PTI photo)

After RBI on Wednesday released the annual data for the year FY 16-17, former finance minister and senior Congress leader P Chidambaram launched a strong attack against RBI. Taking to Twitter, Chidambaram wrote, “Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which ‘recommended’ demonetisation.” Continuing his attack, he wrote, “RBI ‘gained’ Rs 16000 crore, but ‘lost’ Rs 21000 crore in printing new notes! The economists deserve Nobel Prize.” The ex finance minister in his another tweet asked, “99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?”

All but 1.4 per cent of the old Rs 1,000 notes have come back into the banking system post demonetisation, the Reserve Bank said on Wednesday after releasing its annual report for 2016-17. In the report, the RBI said that 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 there were as many 588.2 crore of Rs 500 notes, both old and new in circulation as of March 31, 2017. As of March 31, 2016, there were 1,570.7 crore Rs 500 notes in circulation.

The RBI report further said that the cost of printing of currency notes more than doubled to Rs 7,965 crore in 2016-17 from Rs 3,421 crore in the previous year on account of new currency printing.

  1. N
    natarajan
    Aug 31, 2017 at 6:35 am
    The Government was repeatedly telling that by simply depositing the amount, it cannot become legitimate. Common sense tells any individual having money would like only to deposit so that he can at least get 50 of the amount back. It had also been reported that the analysis by the Income Tax Department revealed that there was 3 to 4 lakh crores suspected undisclosed income, ie. black money. It is not clear why the critiques are repeatedly view that mere deposit of the entire money indicates failure. Can somebody clarify?
    Reply
    1. S
      sampath chari
      Aug 30, 2017 at 10:14 pm
      Chidambaram will be in the lead to criticise BJP. He has to know that many who stacked the notes put them in some account or other and that is how many Jan dhan accounts which had nil balance before demonetisation got more money in their accounts. all these are being investigated and that is how more number of income tax cases which ar being probed.
      Reply

      Go to Top