Demonetisation exercise ends in a failure: Congress slams Centre
New Delhi, Aug 29 (IBNS): The Congress party on Wednesday attacked the Centre over the issue of currency ban, hours after the Reserve Bank of India's Annual Report unveiled that more than 99 percent of the old Rs. 500 and Rs. 1000 notes have returned, and said the move turned out to be a complete failure.
" With 99.3% of the demonetised currency being returned, it's clear that PM Modi's claim of black money being hoarded in cash has been proved wrong. The misery imposed on millions was needless and pointless as the demonetisation exercise ends in a failure," the party tweeted.
With 99.3% of the demonetised currency being returned, it's clear that PM Modi's claim of black money being hoarded in cash has been proved wrong. The misery imposed on millions was needless and pointless as the demonetisation exercise ends in a failure. pic.twitter.com/qBeffsWeiA
— Congress (@INCIndia) August 29, 2018
The Reserve Bank of India on Wednesday said that more than 99 percent of the old Rs. 500 and Rs. 1000 notes, which were banned by the Centre in 2016, have returned.
The information was shared by the RBI in its annual report published on Wednesday.
The Centre had banned the old Rs. 500 and Rs. 1000 currency notes on Nov 8, 2016.
LIVE: Press briefing by former Union Minister @ManishTewari. https://t.co/7b5FFev894
— Congress Live (@INCIndiaLive) August 29, 2018
The RBI in its annual report said: " The total SBNs returned from circulation is Rs.15,310.73 billion."
As per RBI data, the value of banknotes in circulation increased by 37.7 per cent over the year to Rs. 18,037 billion as at end-March 2018.
"The volume of banknotes, however, increased by 2.1 per cent. In value terms, the share of Rs. 500 and Rs. 2000 banknotes, which had together accounted for 72.7 per cent of the total value of banknotes in circulation at end-March 2017, increased to 80.2 per cent as at end-March 2018," read the report published by the bank.
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