Congress in-charge of communications Randeep Surjewala said, "GDP growth slows from over 8 % to 5.7% yet those living in glass houses of demonetisation disaster remain oblivious in their ivory towers". As many as a third of currency notes of these denominations were part of black money stashes, government officials suggested. "So there is nothing new in black money detection and every year Income Tax Department makes similar claims", Chidambaram said.
"The fact that money has got into the banking system does not mean that it is all now legitimate", he said.
According to him, each one of the accounts starting from the large deposits of over Rs 1 crore or Rs 10 crore, must be investigated.
"People are now compelled to deposit their money into the banks".
The RBI's balance sheet also says that in 2016-17 the cost of printing currency was Rs 7,965 crore.
Congress rubbished as "obfuscation" the government's claims that demonetisation had led to an increase in taxpayers and curbed black money, and asked PM Narendra Modi to apologise to the nation for history's "biggest scam". "Shame on RBI which "recommended" demonetisation", the Former Finance Minister had tweeted.
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The goals were scored by Odion Ighalo , Mikel Obi, Victor Moses and Kelechi Iheanacho . Mikel Obi will go on to double the lead in the 42nd minute from a corner-kick.
However, while briefing the press on demonetisation data, Finance Minister Arun Jaitley defended the move, saying the impact of the note cancellation move had been "extremely positive" in multiple areas.
Prime Minister Modi sought to gain legitimacy for his freaky decision by claiming that note ban would help in controlling terror and instability in Kashmir.
The RBI report has also confirmed what the critics of the government were pointing out when demonetization was announced.
If that is indeed the case, it means that people who had made money by evading tax on it simply succeeded in depositing that money into their bank accounts without it being detected and held accountable for tax-evasion. "It is needed to be seen in the context of a wider tax base, a more digitalised economy, lesser use of cash and an integration of the informal economy with the formal".
However, at that time when people on the streets were complaining about the difficulties they were facing due to cash crunch in the wake of scrapping of Rs 500 and Rs 1,000 currency notes by Modi regime, Singh made a decision to come out from his self-imposed exile and spoke eloquently on the subject. Only Rs 15.9 crore in Rs 500 notes and Rs 15.6 crore in Rs 1000 notes have been identified as fake currency, which is the primary source of terror funding. Banks filed 361,214 such reports in 2016-17, up from 61,361 the previous year.
The senior Congress leader wondered what the note ban decision had achieved as 99 per cent of the money had been returned, and accused the prime minister of "changing the narrative" on the issue repeatedly. He said that those who are calling the note ban a failure and criticising it are confused.
According to the report issued by the RBI, for the financial year, 2016-17 now total of 3285 million notes of 2000 are in circulation, worth the value of 6571 billion rupees and 5882 million notes of 500 are in circulation worth the value of 2941 billion rupees.