Latest RBI data says," Demonetization is a flop"

Latest RBI data says," Demonetization is a flop"

When Demonetization was announced as a shock therapy in November 2016, many hoped that at least Rs. 3 lakh crores of black money would go down the drain.  But, as the RBI says, only Rs. 13,000 didn't come back.  About 99.3 percent of the demonetized currency came back by the end of 31 December 2016.  

The Congress has said that the abrogation of high-value notes as a disaster.  "Simply put, RBI’s #Demonetisation report tells us we were bamboozled. Rs. 25,000 crore was spent to print new notes, black money was allowed to be converted into white, GDP growth took a hit of 2%, common man suffered/died in queues. Immorally irresponsible!" said Milind Deora, the former Congress minister.

"People suffered immensely due to demonetization. Many died. Business suffered. People have a right to know - what was achieved thro demonetization? Govt shud come out wid a white paper on the same," demanded Arvind Kejriwal.