After the Reserve Bank of India released its Annual Report for the years 2016-17, many details have come to the fore especially regarding the demonetisation move by the Modi government. Meanwhile, the opposition has upped the ante as it was revealed in the RBI data that 99 percent of the notes which were banned have come back and just 8.9 crore Rs 1000 notes are missing. Jumping on the opposition bandwagon, the Communist Party of India (Marxist) said that “RBI Data confirms #demonetisation was Total Failure!” In a long post on the CPI(M) website, the party lambasted the Modi government on the note ban, citing the figure released by RBI.
In the post on the website, CPI(M) said that the report indicates that either black wealth held in the notes was “successfully manipulated back into the legal system or such black money was not being held in 1000-rupee notes.” The Narendra Modi government had on November 8, 2016, banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. Taking a dig at PM Modi, CPI(M) said, “…he (Modi) had claimed in emotion choked voice that he was willing to accept any punishment if it turned out that this move was a failure.”
— CPI (M) (@cpimspeak) August 29, 2017
Talking about the opposition, Congress leader P Chidambaram also went all out to attack the government. Chidambaram took to Twitter to write: “RBI ‘gained’ Rs 16000 crore, but ‘lost’ Rs 21000 crore in printing new notes! The economists deserve Nobel Prize.” Continuing the attack, in another tweet, Chidambaram wrote, “99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?”
As per news agency PTI, RBI says 7.62 lakh pieces of counterfeit currency notes were detected in FY’17 as against 6.32 lakh in FY 16. Moreover, RBI says 8.9 crore old Rs 1,000 notes out of 632.6 crores yet to be returned post demonetisation. This essentially means that only 1.4% of the old Rs 1000 notes have not come back. Coming to Rs 500 notes, there were as many 588.2 crores 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.