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This Article is From Sep 02, 2017

Congress Asks If RBI Deliberately Slowed Counting Of Junked Notes

The Congress wondered if the RBI “deliberately” slowed the process of counting banned notes.



Congress Asks If RBI Deliberately Slowed Counting Of Junked Notes
People wait in line to exchange Indian five hundred and one thousand rupee banknotes at the Reserve Bank of India (RBI) headquarters in New Delhi. (Photographer: Anindito Mukherjee/Bloomberg)

The Congress wondered if the Reserve Bank of India "deliberately" slowed the process of counting junked banknotes after demonetisation.

He asked why the RBI took the "longest time of 10 months" to count the junked Rs 1,000 and Rs 500 notes.

“I think this must be the slowest exercise by the RBI. But I would compliment the RBI, the RBI is not so slow, unless it is deliberately slow,” Congress Spokesperson Abhishek Singhvi told reporters.

The Congress leader also took a dig at the government over changing the parameters of demonetisation after the move failed to achieve the desired targets.

Also Read: Goal Of Demonetisation: Modi's Promise Vs Jaitley's Defence

"Every parameter is changed every day. You are now told that the objective of demonetisation was not to prevent money getting back to the banks...," he said.

Singhvi said there was only a marginal increase in spotting of counterfeit currency.

Why is the return (of old notes) to the banks far less than Rs 5 lakh crore, as was claimed? 99 percent has come back. And if the objective was to have a credit card economy, I am sorry it takes a long time, a lot of infrastructure to create a credit card economy, not the push button of demonetisation.
Abhishek Singhvi, Spokesperson, Congress 

Also Read: Demonetisation: The Big Event That Turned Out To Be A Non-Event

Asked about reported comments by the Rashtriya Swayamsevak Sangh on demonetisation, the Congress leaders said the RBI figures and facts had a strange way of being "painful, truthful and undeniable".

Earlier this week, the RBI said as much as 99 percent of the junked Rs 500 and Rs 1,000 notes had returned to the banking system.

Also Read: What's The Verdict On Demonetisation Data? Q&A With Raghav Bahl

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