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Thursday , 18 October 2018
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No info on black money removed by demonetization, says RBI

The Reserve Bank of India (RBI) today told a parliamentary committee that it does not have reliable figures to show the exact amount of black money that has been eliminated from the system on account of demonetization. This statement is likely to give more ammo to opposition parties who have been continually criticizing the government for its demonetization of Rs 500 and Rs 1000 currency notes. RBI told the parliamentary committee today that it has received approximately Rs 15,280 crore in demonetized currency notes. RBI said that this figure could change in the future depending on the verification process which is currently underway. Some of the old currency is also lying in currency chests at various post offices and banks. The RBI also said that it cannot say with certainly whether demonetization will be conducted at regular intervals.

The government has consistently maintained that demonetization has enabled various benefits such as curbing black money, expanding the tax base, eliminating counterfeiters, controlling financing of terror activities, etc. However, opposition parties simply refuse to look into these positive effects of demonetization. The figures that RBI shared today were the same that it had published last week in its annual report. RBI added that the current figures could change based on the verification process currently underway, which is checking for authenticity and numerical accuracy.

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