Shame on RBI over demonetisation decision, says Chidambaram

Demonetisation

Prime Minister Narendra Modi, in a surprise move past year, abolished Rs 500 and Rs 1,000 notes overnight in a bid to end black money in the country.

The brand new Rs 1000 currency notes are printed by printing presses at Mysore and Salboni with improved security features.

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The Centre on Nov 8 banned Rs. 1000 and old Rs. 500 currency notes.

In its annual report, RBI said that the number of returned notes does not include the money collected by district central cooperative banks and from the notes deposited by citizens and financial institutions in Nepal, which are likely to be accepted. A collateral damage as a result of rise in printing and other cost was dividend RBI pays to the government. However, the RBI pointed out that these figures are provisional and could change after the verification of numerical accuracy and authenticity of the deposited notes. RBI's interest income dropped 10% to Rs 66,051 crore from Rs 73,543 crore in the previous year. Following the move, a new Rs 2000 note and a new version of Rs 500 note was released. The newly introduced Rs 2000 notes have been playing a major role and these account for almost 50 percent of the total circulation in value, as on March 31, 2017. As many as 328.5 crore pieces of new Rs 2,000 notes were in circulation as on March 31, 2017.

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"Is not the RBI's revelation this evening on demonetisation pointing to a big scam?I feel it was totally a flop show", Banerjee, also the Trinamool Congress chief, said on social networking sites Twitter and Facebook. During the year, the National Crime Records Bureau (NCRB), Ministry of Home Affairs, designed a uniform proforma for collection of fake Indian currency note (FICN) data. The share of the newly introduced Rs 2,000 notes in the total value of banknotes in circulation as at March-end was over 50%, noted the RBI annual report.

"With RBI disclosing the numbers of returned notes today [Wednesday] and the measure having been successfully implemented, the debate should be over", said Economic Affairs Secretary Subhash Garg.

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