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.
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:
#Demonetisation was planned to make black into white without taking note of poor people who lost life and earning what a shame &game
— Shoaibpanja (@Shoaibpanja4) August 30, 2017
shift the goal posts sir as much as you want #DeMonetisation
— sanjay kumar (@aquasanjay) August 30, 2017
— ujjawal vishal (@ujjawalvishal) August 30, 2017
But the real aim of #Demonetisation was to bring money to banking system & it’s achieved. Lacs of Ppl are questioned on source of deposit
— Lone Crusader (@seriousfunnyguy) August 30, 2017
— Fauji (@BharatiyaFauji) August 30, 2017
#DeMonetisation its trending hahaha. why? govt is still glorifying itself for this stupid policy, you can imagine how shameless they are.
— H. (@Miister_H) August 30, 2017
Rs16k cr out of demonetised notes of Rs15.4 cr didnt come back to RBI That is 1% Shame on RBI which recmnded demonetisation #DeMonetisation
— Dharmendra Yadav (@dhirubr) August 30, 2017
— uditmisra (@misraudit) August 30, 2017
One guy said “Give me 50 days or burn me alive if #DeMonetisation fails? Is he still alive? Just askin ????
— Keerthi (@realkeerthi) August 30, 2017
— N33R4J (@_N33R4J_) August 30, 2017
— काकावाणी (@AliSohrab007) August 30, 2017
— Gaurav Tiwari (@gauravvns) August 30, 2017
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.