Acche Din! Objectives of demonetization like checking black money, terror financing and weeding out fake currency notes achieved
New Delhi, August 30: The objectives of the demonetization like checking black money, terror financing, promoting digital transaction and weeding out fake currency notes have been achieved substantially. This was said by Economic Affairs Secretary S C Garg on Wednesday.
In a press conference, Economic Affairs Secretary S C Garg said that the demonetization of high-value currency notes achieved its objective quite substantially and there is no cash crunch in any part of the country.
He further added that other objectives of the demonetization like checking black money, terror financing, promoting digital transaction and weeding out fake currency notes have also been achieved. The Economic Affairs Secretary, in the end, also noted that no high-quality fake notes have been seen in the system in the last 20 months.
The press conference comes hours after Reserve Bank of India released its annual report claiming that as many as 99.3 percent of the old 500 and 1,000 rupee notes have been returned so far. “Of the Rs 15.41 lakh crore worth 500 and 1,000 rupee notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned,” the RBI said.
It further said, “The humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved." The SBNs received were verified, counted and processed in the sophisticated high-speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded, it added.
RBI, in the end, said that the processing of SBNs has since been completed. "The total SBNs returned from circulation is Rs 15,310.73 billion,” RBI concluded. Importantly, SBNs refer to the demonetized old 500 and 1,000 rupee.
Importantly, with an aim to eradicate corruption, terrorism and other anti-national activities from the country, PM Modi on November 8, 2016 announced demonetization i.e ban on 500 and 1000 rupees notes.
