RBI Informs No Data on Black Money Recovered by Demonetisation of Rs.500 & Rs.1000 Notes

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RBI Informs No Data on Black Money: Demonetisation hit India in November 2016 and now it has shown its effect on Indian GDP growth after it hit a 3-year low. Now, there is another news which everyone has to worry about. I.e., RBI has informed that there is no data that is available on how much black money they have recovered by note ban strategy.

Stating that an estimated Rs 15.28 (rpt) 15.28 lakh crore in junked notes has come back “subject to future corrections based on verification process”, the Reserve Bank also said it has “no information” whether demonetisation is being planned to be implemented at regular intervals.

In a sixteen-page reply to questions raised by members of the Parliamentary Standing Committee on Finance headed by M Veerappa Moily on July 12, the RBI also told the panel that subject to completion of verification process, it has got back currency notes worth the value of Rs 15.28 trillion till June 30, 2017.

RBI has said that some of these Specified Bank Notes (SBNs) are still lying in the currency chests and the value of the SBNs received by the currency chests have been credited to banks on “said to contain” basis. “Till such time these notes are processed by the RBI for their numerical accuracy and authenticity, only an estimation of SBNs is possible,” it said. The submission was made before the RBI released its annual report last week.

The RBI has been facing flak from the opposition parties for demonetisation and delay in disclosing figures on the junked notes, even as the government has maintained that the November 8, 2016 decision to ban Rs 500/1,000 notes in circulation at that time has helped in curbing black money, among other benefits.

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