Home / ECONOMY / RBI report on demonetisation LIVE updates: Note ban immensely beneficial to economy and people, says FM Arun Jaitley

RBI report on demonetisation LIVE updates: Note ban immensely beneficial to economy and people, says FM Arun Jaitley

RBI report on demonetisation LIVE updates: The RBI said that out of 632.6 crore pieces of Rs 1,000 currency notes in circulation. (Source: PTI)

RBI report on demonetisation LIVE updates: After the NDA government banned old Rs 500 and Rs 1,000 notes on November 8 to stamp out black money and PM Narendra Modi asked citizens to return the old notes to banks and thereby track unusual deposits, it has been revealed today that all but 1.4 per cent of the old Rs 1,000 notes have come back into the banking system. This was announced by the Reserve Bank of India today. In its annual report for 2016-17, the RBI said that out of 632.6 crore pieces of Rs 1,000 currency notes in circulation, 8.9 crore have not been returned post the note ban last November. The cost of printing notes doubled to Rs 7,965 cr in FY’17 from Rs 3,421 cr in FY’16 on account of new currency printing post note ban.

Here are the RBI report on demonetisation LIVE updates as they break: 

10: 25 PM: Trinamool Congress leader and quizmaster Derek O’Brien recently took a jibe at PM Narendra Modi after RBI’s recent report on demonetisation. Conducting a survey on Twitter, the TMC leader asked “Give me 50 days. Burn me alive if I am wrong”, who said this?

10: 15 PM: “The real object of demonetisation was formalisation, attack on black money, less cash currency, bigger tax base, digitisation, a blow to terrorism,” Arun Jaitley had said during a media conference held earlier today.

10: 09 PM: With over Rs 15 lakh crore of junked currency coming back into the banking system post demonetisation, PTI quoted the government saying that a ‘significant portion’ of it could be black money.

10: 04 PM: Finance Minister Arun Jaitley on Wednesday hit back at the Congress for lashing out at the Reserve Bank of India for note ban saying those criticising demonetisation do not understand it, reported India Express.

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9: 54 PM: Former Union Minister Kapil Sibal told PTI, “Demonetised black money successfully laundered! Someone in government should be given Bharat Ratna for this conversion.”

9: 44 PM: “It was an ill-thought decision which created financial anarchy in the country. Tens and millions of jobs were lost. Hardships were inflicted upon the poor people, farmers, workers and housewives of the country. Now the prime minister should explain where is that black money?,” PTI quoted Sharma asking.

9: 40 PM: Congress’ senior spokesperson Anand Sharma said none of the objectives of demonetisation has been met.

9: 37 PM: According to PTI, Samajwadi Party (SP) leader Naresh Agarwal said his party would move a privilege motion against RBI Governor Urjit Patel for misleading a parliamentary panel on the issue.

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9: 31 PM: According to PTI, Congress chief spokesperson Randeep Surjewala demanded an apology from Prime Minister Narendra Modi saying demonetisation not only dented institutional sanctity of the RBI but also India’s credibility abroad.

9: 22 PM: Transactions of more than 3 lakh registered companies are under the radar of suspicion while one lakh companies were struck off the list, the release informed.

9: 14 PM: ” As a result of demonetisation drive, there is a substantial increase in the number of Income Tax Returns (ITRs) filed. The number of Returns filed as on 05.08.2017 registered an increase of 24.7 % compared to a growth rate of 9.9% in the previous year,” said a recent PIB release

9: 08 PM: More than 37000 shell companies have been identified involved in hiding black money, hawala transactions post demonetisation, Reuters quoted Indian government saying.

9: 02 PM: West Bengal CM Mamata Banerjee took to Facebook and shared a hard hitting post soon after RBI released the demonetisation report. Here’s what she wrote.

8: 58 PM: Former RBI Deputy Governor R Gandhi and former chief statistician Pronab Sen react to FM Arun Jaitley’s statement on demonetisation data. Watch video

8: 55 PM:  Further the Finance Ministry said, “Status of the Return of Specified Bank Notes (SBNs) – Reserve Bank of India (RBI) Annual Report 2016-17.”

8: 51 PM: Further the Arun Jaitley-led ministry said, “Since bulk of SBNs have come back to Banking system shows that banking system & RBI were able to respond to challenge in a limited time.”

8: 49 PM: “The Government had expected all the Specified Bank Notes (SBNs) to come back to the Banking system to become effectively usable currency,” Finance Ministry added further.

8: 45 PM: “The Government had expected all the Specified Bank Notes (SBNs) to come back to the Banking system to become effectively usable currency,” Finance Ministry added further.

8: 42 PM: “Total currency in circulation of all denominations on Nov 8, 2016 was Rs.17.77 lakh cr while it stood at Rs.14.75 lakh cr as on Aug 4, 2017,” Ministry of Finance said in a tweet.

8: 40 PM: Congress in Daman & Diu took to Twitter and called the demonetisation a ‘colossal failure’.

8: 38 PM: According to PTI, post-demonetisation RBI spent Rs 7,965 crore in 2016-17 on printing new Rs 500 and Rs 2,000 and other denomination notes, more than double the Rs 3,421 crore spent in the previous year.

8: 35 PM: Sitaram Yechury took to Twitter and sought to know the aim of the move, implementation of which allegedly saw 100 deaths even as the poor “suffered the most” because of it.

8: 33 PM: The CPI(M) today launched a stinging attack on the Centre over demonetisation, saying India can “never forgive” the Modi government for the “anti- national act”, which allegedly hit the country’s economy, reported PTI.

8: 30 PM: Here’s what Congress’ leader Randeep Surjewala said after RBI’s report on demonetisation.

8: 23 PM: Maharashtra Congress leader Shehzad Poonawalla‏ took to Twitter and termed demonetisation as a ‘mega scam’ and ‘dhokha’soon after RBI released it latest data on note ban.

8:20 PM: “Despite tall claims by PM Modi, #demonetisation hardly made a dent in India’s vast shadow economy,” said Congress through its Twitter handle.

8:12 PM: He said the fact that people were compelled to deposit black money in the banks is itself is a big success.

8:10 PM: Arun Jaitley said that his next big step will be against the money used in elections. The Finance Minister said that he plans to ensure that money used in elections comes through the taxation system.

8:07 PM: He further added that there was a decrease in the terror funding post demonetisation.

8:04 PM: Talking about the Opposition reaction on RBI report, Jaitley said that people who never fought against black money will never understood its importance.

8:02 PM: He said that the real object was demonetisation was not that how much money came back.

8:00 PM: The FM added that another objective was to promote demonetisation and the cash exchange has reduced by 17%

7:59 PM: He said the RBI report shows that more and more transactions are taking place within the banking system.

7:57 PM: Arun Jaitley is addressing the media right now. He said object of DeMo was India is a predominantly high cash economy and the government wanted to give blow to black money by expanding the tax base.

7:54 PM: “99.9% of the notes back in the banking system. 100s died in queues. The poor suffered the most. All this for what? Lives & livelihoods lost, the Economy got a shock, workers lost their jobs. India can never forgive Modi govt for this anti-national act,” Sitaram Yechury tweeted.

7:45 PM: “Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which ‘recommended’ demonetisation,” said P Chidambaram in his tweet.

7:40 PM: Demonetisation was the most effective tool to cleanse the economy, says GVLN Rao while talking to ET Now.

READ | RBI annual report: Narendra Modi demonetisation success can’t be questioned

7:38 PM: Congress leader Manish Tewari while speaking to ET Now said that there are lots of unanswered questions on the process and substance of demonetisation.

7:36 PM: RBI in its report said that it pumped in 2380 crore notes totalling Rs 5.54 lakh crore in the two months post demonetization between November 9 to Decemeber 31.

7:29 PM: 89 million notes of Rs. 1000 rupee currency did not come back to the system out of a total of 6700 million notes that were in the system as on November 8, said RBI in its report, as per ANI.

7:24 PM: Finance Minister Arun Jaitley to give a statement shortly on RBI’s demonetisation figures.

7:18 PM: Uday Kotak while talking to ET Now said that we should not look at demonetisation as single act but broader philosophy. He said that the step was taken for cleaner economy.

7:05 PM: Pronab Sen while speaking to CNBC TV18 defended the government. He said that in the long term this would help in better tax compliance and added that people will see a lot of buoyancy in indirect tax collection.

7:02 PM: Gandhi added that the Indian economy is being managed with less money.

7:01 PM: Congress spokesperson Randeep Surjewala has also hit out at the Modi government in a series of tweets. “Rewind: Modiji’s obfuscation exposed once again. On Ind. Day, PM claimed to have unearthed ₹3 Lakh Cr black money post #Demonetisation. 1/n,” he wrote.

7:00 PM: R Gandhi, ex-deputy governor RBI while speaking to CNBC TV18 said that demonetisation is a very complex exercise

6:57 PM: Former finance minister P Chidambaram attacked the government by asking that with 99 pc notes legally exchanged was demonetisation a scheme designed to convert black money into white, reported PTI.

6:55 PM: Congress spokesperson Manish Tewari while speaking to CNBC TV18 said that demonetisation is a massive fraud.

6:52 PM: Naresh Aggarwal, Standing Committee On Finance told CNBC TV18 that we will move privilege motion against RBI Governor Urijit Patel

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