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Wednesday, 18 January 2017

Note ban: Where will be Rs.6.2 lakh crore?

According RBI only Rs.9.2 lakh remonetised 

The value of high denomination notes of Rs 500 and Rs 1,000 demonetised on November 8 was estimated to be Rs 15.44 lakh crore. Reserve Bank of India (RBI) Governor Urjit Patel told a Parliamentary panel that Rs. 9.2 lakh crore have been introduced in new currency so far. It means Rs. 6.2 lakh crore is black money.It is also true that paralall economy running by black money lender. Apart from come news that 3-4 lakh crore black money dedposited in the bank after demonetisation.Now one important question raising in the country where will be Rs. 6.2 lakh crore?
Patel briefed a Standing Committee on Finance panel  about demonetisation and its impact on the economy and the steps taken by the central bank to deal with the cash crunch. The RBI Governor is also scheduled to appear before the Public Accounts Committee of Parliament on the same issue on January 20. Patel is learnt to have told the parliamentary panel that discussions between RBI and the government on the process began early last year.
Congress members of the committee asked questions like whose decision was it to withdraw high currency notes and also about autonomy of RBI, sources said. BJP members of the panel, headed by Congress leader Veerappa Moily, however, chose not to raise much questions during the meeting, they added. The questions put up by the panel ranged from the total amount of money that came back during the demonetisation period to the total amount of new bills of Rs 500 and Rs 2,000 that were printed and sent to the banks. It is also learnt that Manmohan Singh, one of the members who had described demonetisation as monumental management failure, too raised questions on the issue.
Sources said Patel told the Parliament standing committee on finance over the demonetisation issue that discussions between the central bank and the government were taking place since early last year. The Finance Ministry has sought time from the panel to provide answers to the queries raised during the meeting in which the Finance Secretary made a presentation before the committee, the sources said, adding that the members seemed not too satisfied with the replies.

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