RBI Data Confirms Note Ban was a Total Failure!

When Manmohan Singh’s Prediction On The Effect Of Demonetisation On GDP Came True

Even now, Modi government is not ready to admit its fault about how the note ban has pushed back the economy of the country in several fronts, causing harm to the people, espcially the poor and those employed in unorganised sectors.

Former Union minister Kapil Sibal said, "Demonetised black money successfully laundered!" He was referring to Modi's promises to uncover black money, remove counterfeit notes and hit at financing of terrorism. "Was demonetisation a scheme created to convert black money into white?", Chidambaram said on Twitter. Before the notes ban, the volume of digital transactions was much higher at 1,452 million in September 2016.

He said that apart from all these aims, the note-ban also was a jolt to the separatists and they suffered heavy financial losses as money was seized and could not reach the terrorists also.

"99% notes legally exchanged!"

The finance ministry rushed out a lengthy statement detailing the positive impacts, including improved tax collection, a widening of the tax base and new information on possible tax evaders.

The Opposition on Thursday stepped up its attack on the government over the RBI's annual report that revealed low efficacy of demonetisation, with the Congress terming the move to junk high currency notes as the "biggest scam" and the CPI-M demanding a "black paper" on the issue.

The hope was that black money held in the form of cash wouldn't be deposited into banks, given that people holding it wouldn't want to be identified - in the process, a vast amount of illegal money would be destroyed. The RBI yesterday said about 99 per cent of Rs 15.44 lakh crore demonetised currency came back into the system. According to reports from The Indian Express, RBI has released a report confirming that out of the 15.44 lakh crore worth of old notes that were present in the market during the demonetization period, Rs 15.28 lakh, crore worth of old notes had been returned to the bank. The government has been gradually making enrolment to its national electronic database "Aadhaar" mandatory for tax returns, opening of bank accounts and any purchases above 50,000 rupees.

U.S. coast guard says rescues over 4500 people from Hurricane Harvey
Meanwhile, in Louisiana, the storm made its second landfall early today as it continues to move eastward. Aaron Duplechin, commander of the unit.

Trapped bakers in Houston make pan dulce for flood victims
For those unable to go to the store and buy bread, the bakery packaged up plenty of pan dulce and donated to people in need. The bakery shared an image Monday of some of its workers posing with their baked creations.

First human West Nile Virus case confirmed in Stanislaus County
In addition, mosquitoes from a trap located in the Town of Bradford West Gwillimbury tested positive for the virus this week. Symptoms can include a headache, fatigue, skin rash, swollen lymph glands and eye pain along with fever.

The government of India banning high value currency notes on November 8 previous year - a move that has come to be known as demonetisation - is truly a non-event, contrary to how the government had projected it.

He further said that the government needs to take other measures to tackle black money.

According to Niti Aayog member Bibek Debroy, the most estimated figure of counterfeit currency in 2016 was Rs 2,000 crore but according to the RBI report, only Rs. 41 crore of the fake notes discovered over the last one year.

The Congress leader also said the FDI had fallen by seven per cent and credit to the industry was lowest in the last 63 years.

Left: Indian PM Modi during demonetization speech; Right: People standing in long queues during note ban.

"The total expenditure of the RBI also increased by 107.84 per cent from ₹14,990 crore in 2015-16 to ₹31,155 crore in 2016-17", reported The Telegraph. We had told the Prime Minister and the Government, this money belongs to the people of India, to the farmers, to the workers, to the housewives, to Government employees, to small entrepreneurs, to small industries, Mr Sharma said.



Latest news

Toronto gas prices expected to hit $1.32 on weekend
Marie, Thunder Bay, and Timmins have been reporting the highest gas prices, in the range of 131.9 to 133.9 cents per litre. Locally, prices across the Greater Toronto Area may hit between $1.329 and $1.339 per litre on September 2.

Angels acquire Justin Upton from Tigers
Entering play Thursday, Anaheim is one game back of the Minnesota Twins for the second American League Wild Card place. Acquired in the off-season, the Tigers may have found their centerfielder of the future in the form of Mikie Mahtook.

CC Sabathia Rips Nunez, Red Sox Over Bunting
The Red Sox went 1-for-8 with men on base against Sabathia and were 0-for-10 with runners in scoring position. Sabathia pitched in a tight game before the Yankees added four runs in the sixth and seventh.

Asteroid Florence passes by Earth relatively close
The closest passing of a large asteroid to Earth will happen Friday, according to scientists who study "near-Earth objects". EDT on Saturday, according to S&T, as this is when the asteroid will pass much dimmer stars.

Maruti Suzuki to rebrand its vehicle showroom network in India
According to Maruti Suzuki , nearly 75 percent auto buyers today in India research online before deciding to purchase a vehicle . Maruti Suzuki ARENA is a part of the company's "Transformation 2.0 initiative", Maruti Suzuki India (MSI) said.

Toddler rescued, clinging to body of drowned mother in Texas
Hurricane Harvey hit landfall in Texas on Friday and has caused billions in damage while taking almost a dozen lives already. Two police officers and fire rescue officers used a rubber boat to reach the pair and managed to drag them onto the boat.

Tropical Storm Irma forms in Atlantic Ocean
The next big hurricane has already formed and this could become a big newsmaker in the U.S.in 10 days or so. That said, all interests in those areas should monitor the progress of Irma closely for many days to come.

Argentina name three uncapped players for World Cup qualifiers
Suarez was initially ruled out for four weeks but the Uruguay team doctor has not ruled him out against Argentina and Paraguay . Argentina new coach, Jorge Sampaoli will be looking for a good start but is yet to confirm his starters.

Mortgage rates continue their month-long slide
Mortgage buyer Freddie Mac said today the rate on 30-year, fixed-rate mortgages fell to 3.82 percent from 3.86 percent last week. ARM interest rates in the 10 year category have been published at 3.000% today and the April is 3.709%.

Pentagon announces there are 2600 more troops in Afghanistan than previously reported
Trump last week revealed his plan to increase U.S. troop numbers in the country, in an about-face from his election campaign promises.

HARLEY QUINN™ Spinsanity to Debut at Six Flags New England
The ride seats 32 people at a time and has a unique "face-off" design, where guests can sit back-to-back or face-to-face. That price includes admission for the rest of 2017 and all of 2018 plus some other upgrades.

May, Abe pledge to increase pressure on North Korea
She will hold a joint press conference with Abe today evening and meet Emperor Akihito on Friday before leaving. Last week, Japan expanded its own sanctions against the North, after a similar United States move.

Tottenham wait on work-permit to confirm deal for PSG full-back Aurier
He was handed a two-month "convertible" prison sentence, which he is unlikely to ever serve, and was fined over £2,000. Spurs move to bring in Paris Saint-Germain fullback Serge Aurier could be in jeopardy.

Google Assistant is making its way to third-party speakers and appliances
Unfortunately Panasonic was unable to confirm whether you'd be able to switch these inputs using your voice. Panasonic's offering has two 20mm soft dome tweeters and an 8cm woofer, and is set to deliver Hi-Fi audio.

N Korean leader's third child born
Rumors about her pregnancy persisted previous year as she was removed from the public eye for some nine months. Kim and his wife, Ri Sol Ju, have two other children who were believed to have been born in 2010 and 2013.

Other news