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Demonetisation Anniversary Updates: Don’t Resort To Further Unorthodox Measures, Warns Manmohan Singh

 Demonetisation Anniversary Updates: Don’t Resort To Further Unorthodox Measures, Warns Manmohan Singh
A man displays Indian one thousand rupee banknotes and a bank slip for a photograph as he stands in line outside a post office in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)
7 years ago
Two years after the government's overnight decision to ban the Rs 500 and Rs 1,000 notes as legal tenders, the opposition continues to attack the ruling party for its move. 99.3 percent of the demonetised money returned to the banks, a report by the Reserve Bank of India suggested.

On the second anniversary of Narendra Modi government's shock decision to ban the Rs 500 and Rs 1,000 notes as legal tenders, the opposition stepped up its attacks on the ruling party, while government officials continued to defend the move.

Almost all of the demonetised currency notes have been counted and accounted for by the Reserve Bank of India, the central bank’s annual report for the year 2017-18 released in August showed.

According to the report, Rs 15.31 lakh crore worth currency notes have now been returned, since Nov. 8, 2016. This represents about 99.3 percent of the total currency notes which went out of circulation on a single day. When Modi announced the demonetisation of Rs 500 and Rs 1,000 denominated currency notes, the total value of these high-value currency notes in circulation was Rs 15.45 lakh crore.

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