The BJP government has transformed the Indian financial story for the good and is steering its current activities for improvising the situation even more. RBI Demonetised Cash
Just yesterday, The Reserve Bank of India released a report on the Indian currency and their findings will only make you go all praises for the BJP government. RBI Demonetised Cash
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The RBI processed the old currency of Rs 1000 and Rs 500, which were shunned on November 8, 2016, when PM Modi announced demonetization. RBI declared that 99.3 percent (worth Rs 15.3 lakh crore) of the demonetized notes have returned back to the banks. RBI Demonetised Cash
The report said that out of the 15.41 lakh crores in circulation, Rs 15.3 lakh crores have returned to the banks. Not only this, it also cleared the air about the money which hasn’t returned to the system. The report read that notes worth Rs.11,000 crore are still out of the system. The amount spent on printing the new currency notes of Rs 500 and Rs 100 was Rs 8000 crores. RBI Demonetised Cash
“The humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved,” said the RBI, who had to appoint additional staff and buy several note counting machines for achieving the task. The RBI report also said, “Currency in circulation surpassed its pre-demonetisation level while credit growth revived to double digits from a historic low in the previous year.”
The BJP’s victory in UP elections after Demonetisation was projected as the public’s reaffirmation of the activity of demonetization and its impact on the economy.
The PM Modi’s idea behind demonetization was to curb black money, suspend terror funding and demolish counterfeit currency. However, a large population of the country is believing the fact that the demonetization destroyed the Indian economics and made the poor suffer. The demonetization was a mixed bag, in my view. It meant different things to different people. The bottom line, however, is that the government knows it all.
