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In Focus

January, 5

Will Modi ji tell us how much Black Money was there in the Economy?

The last date to deposit all the old Rs 500 and Rs 1000 notes was the 30th of December, 2016. It was a process which started on the 8th of November, 2016. On that day, Shri Narendra Modi said that the reasons behind this move were to stop Black Money, terrorism and counterfeit currency. It was believed that most of the Black Money stored in cash will not come back into the system. 

It has been nearly a week since the last day for the receipt of old notes in banks, and nearly a month since the last time RBI told the public the amount of money deposited. Why is the Modi Government and the RBI being so reticent to share the details with the public? The truth is, as per media reports, nearly 97% of the demonetized notes have already been deposited in the banks. The Congress had maintained from the very beginning, backed by data from Income Tax seizures, that only a small percentage of Black Money was stored as cash. And this new report validates that position. 

With nearly Rs 15 lakh crore back into the banking system, the question that needs to be asked, what is the real cost Demonetisation? Since the 8th of November, nearly 120 people have died, crores of Indians have been left jobless and many businesses have come to a grinding halt. And the Government has responded to all this with a deafening silence. They haven’t even been able to tell us definitively how much money has come back or the impact of this move on the Economy or how much Black Money has been unearthed. 

One need only glance at the news reports from across the nation to realize that demonetization has not met any of the objectives stated by Modi ji on the 8th of November. The people are asking Modi ji has corruption stopped? Has terrorism stopped? Has counterfeiting of Indian currency stopped? The answer to all these questions is a resounding ‘No.’

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