Rs 8,900crore of Rs.1000 notes still not back into the system-RBI figures on demonetization

Congis r dumb but cant be this dumb. Where did they expect the notes to go? Either they will get returned through benami channels so that the owners try a chance for reclaiming later or they get destroyed for not being able to do the former. Now, Rs.8,900crore worth of Rs.1000 notes are still not back into the system, which means they are most likely destroyed or abandoned. For the notes that are returned, the tax man has got a tab on them that has already created problems for many. The printed notes worth Rs.21,000 crores are in the system and are going to be used for their life time. So, what exactly is the problem of this cost. It is standard cost of printing new notes. The problem seems to be that they are stuck without their usual money supply. The first attempt in India has been made to clean up the system and there should be many more to follow.

Rs.8,900crore of Rs.1000 notes still not back into the system. While some anti-national sickularists are belittling this figure, in addition to the above figure

• Lets not forget that a significant portion of deposits into the Jan Dhan accounts post-demonitization has been from dubious sources.
• Lets also not forget that now Rs.15.28Lakh Crore of the Rs.1,000 notes deposited so far is "Accounted Cash" from here on.
• Lets also not forget that over Rs 3,185 crore of un-disclosed income has been detected while Rs 86 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government. The taxman carried out a total of 677 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on 8 November, even as the department has issued over 3,100 notices to various entities on charges of tax evasion and hawala-like dealings.
• Digital payments (meaning payments that can be accounted) grew 55 per cent in volume and 24.2 per cent in value in 2016-17 over 2015-16.In the financial year of 2016-17, there were a total of 865.9 crore digital transactions across all banking platforms. This is a significant rise from the 2013-14 number of 254.5 crore digital transactions. Within a period of 3 years, the amount of digital transactions has more than tripled
• The government added 9.1 million new taxpayers in 2016-17, an 80% increase over the typical yearly rise, highlighting the impact of India’s November demonetisation of high-value currencies.

30th August 2017

The Reserve Bank of India today revealed in its annual report that Rs 15.28 lakh crore, or 99 per cent of the Rs 15.44-lakh-crore scrapped currency notes, had come back to the central bank between the government’s demonetisation decision and June 30, 2017.

However, in what came as a surprise to many, the RBI report said that about 89 million units of the demonetised Rs 1,000 notes, worth Rs 8,900 crore, had not come back into the system.

The share of the newly introduced Rs 2,000 notes in the total value of banknotes in circulation as at March-end was a little more than 50 per cent, the RBI annual report added.

Mentioning that the central bank spent Rs 7,965 crore on printing new currency notes in 2016-17, it said the overall currency in circulation into the system had come down by 20.2 per cent on a year-on-year basis as at the end of March.

In the biggest-ever demonetisation exercise India had seen, Prime Minister Narendra Modi on 8 November 2016 announced high-value currency notes of Rs 500 and Rs 1,000 would cease to be public tender. The move, to stem the circulation of black money and fake currency, and to choke terror funding and corruption, was to take effect within hours of the announcement.

While there were several estimates and statements, the official numbers were not revealed until the RBI released its annual report on August 30.