Demonetisation Achieved Its Objectives Quite Substantially: Government

Talking to reporters, Economic Affairs Secretary SC Garg said objectives of the note ban, like checking black money, terror financing, promoting digital transaction and weeding out fake currency notes have been achieved.

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Demonetisation Achieved Its Objectives Quite Substantially: Government

Demonetised notes worth Rs. 15.31 lakh crore have been returned, an RBI report said.


New Delhi: 

The government today said demonetisation of high-value currency notes in November 2016 achieved the objectives "quite substantially", even as the RBI report outlined that 99.3 per cent of junked notes came back to banks.

Talking to reporters, Economic Affairs Secretary Subhash Chandra Garg said objectives of the note ban, like checking black money, terror financing, promoting digital transaction and weeding out fake currency notes have been achieved.

"I think demonetisation has achieved its objective quite substantially," he said in reply to a question in this regard.

According to the RBI's annual report released today, as much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system.

The secretary also stressed that now there was no shortage of currency in any part of the country.

On November 8, 2016, Prime Minister Narendra Modi had announced the demonetisation of high-value currency notes.

Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, when the note ban was announced, notes worth Rs 15.31 lakh crore have been returned.

This meant just Rs 10,720 crore of the junked currency did not return to the banking system. 



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