Economy

Demonetisation: 10 figures that underline impact of PM Modi's note ban

Demonetisation: 10 figures that underline impact of PM Modi's note ban”

"Is this demonetisation success formula?"

RBI being the central bank of India could have prevented the note ban exercise.

In Wednesday's meeting, the prime minister reviewed the progress of nine vital infrastructure projects worth over Rs 56,000 crore in the railway, road, power and oil pipeline and health sectors, the statement said. He has to accept moral responsibility. July 1, 2017: Three lakh firms under scannerOn the occasion of Chartered Accountants Day, PM Modi addressed an event organised by the Institute of Chartered Accountants of India (ICAI).

He also said that the high percentage of returned currency did not in itself indicate black money offenders had escaped.

Right of choice, of how we keep our savings, what we eat, and what kind of private life we lead is the fundamental core of a democratic polity.

Indians returned nearly all of the estimated Rs15.4 trillion ($242 billion) in high-currency bills removed from circulation in a shock move late past year, the Reserve Bank of India (RBI) said on Wednesday.

"Was this entire exercise done to protect the corporates who are refusing to return the loans they had taken from our nationalised banks?"

On Wednesday evening, finance minister Arun Jaitley insisted that curbing black money had not been the main objective of the demonetisation drive.

The Prime Minister urged the officers to work towards improving the processes of governance.

"This decision created an unprecedented upheaval, not only in Indian economy but also in peoples' lives, Senior Congress Spokesperson Anand Sharma said in reference to yesterday's RBI report which stated that 99 per cent of old currency had returned to the banks".

CPI's national secretary D Raja echoed Yechury's views on the issue. In another indication of a structural shift, the RBI points out "that currency demand appears to have attained a new normal (currently around 87 per cent of the pre-demonetisation peak)".

Mr Jaitley said the impact was temporary, adding that a greater number of banking transactions will help the economy recover quickly.

"The prime minister made a sensational announcement on November 8 that unleashed financial anarchy and economic chaos in the country".

Yet, there are qualified indications in the RBI report that there are some offsetting positives arising from demonetisation. "Whether all of it will come - people had different estimates and guesses - but the Centre never said it expected any currency not to come back", Garg said.

"Who is responsible for it", he asked.

"But, we know that if we have to take the nation to new heights, there is a pressing need to modernise our infrastructure", Modi said.

The death of Environment Minister Anil Madhav Dave and the election of Minister for Urban Development M. Venkaiah Naidu as vice-president opened vacancies, giving Modi an opportunity to bring in members from regional political parties. That is why the government claims that demonetization had resulted in choking of terrorist and naxalite financing.



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