P Chidambaram Slams Centre Over RBI Report On Demonetisation

India’s current account deficit is expected to be largely financed by FDI inflows the RBI report said

In the annual report that was released on Wednesday, the RBI said that the processing of Rs 500 and 1,000 banknotes was complete, adding that 99.3 per cent of the notes, worth Rs 15.3 lakh crore have been returned to the banks. PM Modi had scrapped Rs 500 and Rs 1,000 notes in a surprise announcement on November 8, 2016. "After demonetization if it had grown at that rate, the currency, which is in the system today, is 87-88 per cent of that.so the Rs 3 lakh to Rs 4 lakh crore less currency is in the system today than it would have been had the old system been in place", he said in an apparent reference to the Rs. three lakh to Rs. four lakh that was claimed would be extinct.

Chidambaram said every rupee of the Rs 15.42 lakh crore, barring a small sum of Rs 13,000 crore, has come back to RBI.

"I suspect that the bulk of the Rs 13,000 crore is in Nepal and Bhutan and some that was lost or destroyed". Indian economy lost 1.5 per cent of GDP in terms of growth.

Department of Economic Affairs Secretary Subhash Chandra Garg said the demonetisation process has achieved its objectives of reducing black money, fake currency, terrorist financing and promoting digital transactions. Thousands of SME (small and medium enterprises) units were shut down.

In a series of tweets, the former finance minister also said the RBI figure has suggested that the government had actually demonetised only Rs 13,000 crore and the "country paid a huge price" for it.

Tewari claimed as a outcome of the demonetisation exercise, the dividend paid by the RBI to the government of India was halved from Rs 65,876 crore in 2015-16 to Rs 30,659 crore in 2016-17.

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Asked about reports of fake notes presented to the banks post-demonetisation, Garg said previous year in a RBI report it was said, that all the notes were verified and the amount of fake notes was "minuscule and ignorable".

India's main opposition Congress party on Thursday lashed out at Prime Minister Narendra Modi after Reserve Bank of India (RBI) data showed that his shock 2016 move to ban high-value notes failed to meet his key objective of flushing out money hidden from the tax man.

"Around Rs 16,000 crore of demonetised notes were not received".

With more Rs. 500 notes having been pumped into the system over the last year, the share of Rs. 2,000 notes by value declined to 37.3% as on March 2018, compared with 50.2% a year earlier.

The party said the return of nearly all the junked notes meant that the government had failed to unearth any black money, check terror financing and eradicate fake currency as promised by Modi while announcing noteban.

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