After a long gap of 2 years after demonetization, the reserve Bank of India has finally finished counting all the money that was received. The concluding reports of the demonetization process have been shocking. On November 8, 2016, in an unexpected manner, Indian Prime Minister Narendra Modi had appeared on national television screens, and announced that the then existing 500 rupees and 1000 rupees notes have become invalid, and following this, people had been given deadlines to exchange their existing notes and get the newly printed notes.
People stood in long queues in Bank cash counters and in ATMs to get money and exchange money. This demonetization process had extended for several months, and many people had not got money during their needs and this demonetization process even lead to several deaths. While the demonetization process was announced as a means of eradicating black money from India, there were no reports on it later.
Now finally after counting all the
money received, the Reserve Bank of India has prepared a report. As per the
report, 15.44 lakh crores worth of notes were subjected to demonetization , and
of which only 15.31 lakh crores have been returned, which means, 99.3%notes
have returned to banks itself, and 13000 crores has not returned. Besides, the
demonetization money from Nepal and Bhutan are yet to be received. It must be
noted that in 2017 June 30, it was said that 15.28 lakh crores of money had
been returned, which amounted to 99%.
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