![]() Other than not achieving its major goal of destroying black money, demonetisation has also hurt India’s economic growth in general and manufacturing and industrial growth in particular, very badly.Īfter this, the government as expected has been offering multiple reasons in favour demonetisation. ![]() This meant that nearly 99 per cent of demonetised notes made it back to the banks, and almost no black money was destroyed. The RBI Annual Report revealed that Rs 15.28 lakh crore of the Rs 15.44 lakh crore that was demonetised, made it back into the banks. In the process, a lot of black money held in the form of cash would be destroyed.īut nothing of that sort happened. This was because those who had black money in the form of cash wouldn’t want to deposit it into banks, and reveal who they are to the government. ![]() This was primarily because the Annual Report would finally reveal what portion of the demonetised Rs 500 and Rs 1,000 notes, made it back to the banks.Īnd why was this of interest? After demonetisation had been announced, many people including government ministers and several leading economists, had hoped that a large portion of the demonetised notes won’t come back to the banks. Up until last year, only journalists who covered the banking beat, economists and analysts, kept track of the RBI Annual Report.īut this year, many more people were interested. On August 30, 2017, the Reserve Bank of India (RBI), published its much-anticipated Annual Report. ![]()
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