Note ban a big failure: Congress on RBI annual report for 2016-17

New Delhi: Reacting to the annual report by the Reserve Bank of India for 2016-17, which said that estimated value of the banned notes it “received” was Rs 15.28 trillion, i.e, 98.96 per cent of the banned Rs 500 and Rs 1000 notes, the Congress today slammed the RBI for recommending demonetisation and termed the note ban decision a big failure. 'Rs 16,000 crore out of demonetised notes of Rs 15,44,000 crore did not come back to RBI.

That is 1 per cent. Shame on RBI which 'recommended' demonetisation,' senior Congress leader and former Finance Minister P Chidambaram said in a tweet. According to the RBI annual report for 2016-17, a total of 98.96 per cent of Rs 1000 and Rs 500 currency notes that were banned on November 8 last year had returned to the Reserve Bank of India (RBI) by the end of June 2017. In its Annual Report 2016-17, the RBI said that “subject to future corrections based on verification process when completed,” the estimated value of the banned notes it “received” was Rs 15.28 trillion.

In Parliament, on January 21, Minister of State for Finance Arjun Meghwal had said that Rs 15.44 trillion value of banned notes were in circulation as on November 8, 2016. Reacting to the RBI figures, Mr Chidambaram said,'RBI 'gained' Rs 16000 crore, but 'lost' Rs 21,000 crore in printing new notes! The economists deserve Nobel Prize.' He also alleged that the demonetisation was a scheme to convert black money into white. '99 per cent notes legally exchanged! Was demonetisation a scheme designed to convert black money into white? ' Mr Chidambaram asked. (UNI)