RBI has completed the processing and verification of the banned currency. It is reported by RBI that on Nov 8 the no of 500 and 100 rs in circulation was 15.4 lakh crore and now nearly 15.3 lakh crore returned to the bank. The Modi govt has announced the demonetization of 500 and 1000 bank notes of mahatma Gandhi series. While announcing a ban on the ban, Prime Minister Modi had said to restrain black money. After this, in his speech on August 15, 2017, he cited a non-governmental research saying that Rs 3 lakh crore, which never came into banking system, has come.
But the RBI annual report 2017-2018 is saying that about 99.3% of the old notes of 500 and 1000 rupees made out of currency after the ban were returned to the banking system.
The claims made by PM MODI during demonization
- Stop the currency of fake notes
counting the benefits of the ban, the Prime Minister had said that it would help in eliminating fake notes. RBI got 762,072 fake notes in 2017 financial year, which was worth 43 crores. Last year, 632,926 counterfeit notes were found. This difference is not very much
- Corruption will be reduced
While declaring Prime Minister’s banquet, it was said to be a war against corruption, black money and forged currency. But now after the RBI report, the government’s claim is being questioned.
- The waist of terrorism and Naxalism will be broken
while announcing the ban, the Prime Minister had said that this will break the back of terrorism and Naxalism as it helps with counterfeit currency and black money.
However these claims are not proved to be true.