Has Notebandi Served It’s Purpose ? RBI Data Raises Questions !

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The restrictions on notes of old 500 and 1000 were i.e. there were two objectives of Notebandi First, eliminate black money and move towards another cashless economy. When the RBI had confirmed the withdrawal of 99 per cent of the notes in the economy, the first objective was revealed at the same time. Along with the latest information, the poll has also been opened for the second purpose.

According to official figures, the people of the country have cash of Rs 18.5 lakh crore at present, whereas before January 5, 2016, the amount was Rs 17 lakh crore.This data was released by the Reserve Bank of India itself. During the time of the filing of nomination, the public had only cash of Rs 7.8 lakh crore.

According to the RBI, on June 1, 2018, there was more than Rs 19.3 lakh crore in currency circulation in the country. It is 30 per cent more than the previous year and on January 6, 2017, more than doubled compared to Rs 8.9 lakh crore. In addition, in May 2018, there were 18.5 lakh crore rupees in the hands of the people, which is 31 per cent more than the year before. Data as of 9 December 2016 is more than double of Rs 7.8 lakh crore.

Analyzed data on statistics reveals that before the arrival of Modi government in May 2014, the public had the currency of about 13 lakh crore rupees. This has increased by more than 14.5 lakh crore in one year and in May 2016 it has become 16.7 lakh crore.

As per RBI, the total amount of Rs 15.28 lakh crore deposited in banks by the total amount of Rs 15.44 lakh crore on June 30, 2017.

By reducing the cash deposited in banks from the total currency in circulation, it shows how much money is in the hands of the people. The Reserve Bank publishes the currency data on the weekly basis in the currency and publishes the data of the current currency with the public in 15 days.

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