Demonetisation: Nearly all Rs 1,000 notes returned

Discussion in 'Politics & Society' started by SELVAM, Aug 30, 2017.

  1. SELVAM

    SELVAM Regular Member

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  3. SELVAM

    SELVAM Regular Member

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    The guy who given this idea to modi should be stripped of indian citizenship
     
  4. SELVAM

    SELVAM Regular Member

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    All the corrupts got their money exchanged.
     
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  5. SELVAM

    SELVAM Regular Member

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    Job loss, gdp loss, damage to small scale factories r few benefits of demonetisation
     
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  6. Akshay Fenix

    Akshay Fenix Regular Member

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  7. Nanjesh Patel

    Nanjesh Patel Regular Member

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    First things first, this was not all all about catching black money immediately, this was a long haul. And 'black money' deposited will be caught, it will just take time. Data analysis will be done. DeMo was also about slowly phasing out cash economy.

    Check this for instance -

    [​IMG]

    Unusual deposits of 1.70~ lakh cr

    A few facts -

    - FICN detected per million pieces is at 7.1 pieces for ₹500 denomination and 19.1 pieces for ₹1000 denomination (this was on an estimation). B4 Demo this was @ 5.5 pieces for ₹ 500 and 12.4 pieces for ₹1000. So rate of detection has increased post demo verification. 762,072 pieces of counterfeit notes were detected. Detection rate was 20.4% higher than the previous year.
    - Banknotes in circulation declined by 20.2 percent over the year to Rs 13.1 lakh crore as of end-March 2017
    - At end-March 2017, Currency In Circulation amounted to 8.8 per cent of GDP, down from 12.2 per cent in the previous year. A BIG WIN. "At this level, India’s currency to GDP ratio compares well with a host of advanced and emerging market economies" pg 50.

    Points from Muglikar's thread.
     
  8. airtel

    airtel Senior Member Senior Member

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    these commies who are writing all this shit should read economics instead of blabbering on social media .
     
  9. SELVAM

    SELVAM Regular Member

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    [​IMG]

    :rofl::rofl:

    Time for bhakts to start mission mitron to defend modi
     
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  10. NightRider

    NightRider Regular Member

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    O ,come on , who can burn the PM.
     
  11. Nanjesh Patel

    Nanjesh Patel Regular Member

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    How to argue with schmucks who ignore facts and instead push their agenda?
     
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  12. Tibarn

    Tibarn Regular Member

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    Click the tweet and check that twitter thread to get a perspective on demonitization.
     
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  13. ezsasa

    ezsasa Senior Member Senior Member

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    To be noted is that this number collected is only till Jun 30.

    Deficit is 16000 crores.

    Co-operative banks deposits were accepted from July onwards.

    No way co-operative bank deposited only 16k crores, it would be much more.

    Let's wait and see.
     
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  14. Bornubus

    Bornubus Dogra Rule 1846-1949 Senior Member

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    1. Home
    2. Economy
    3. RBI releases big demonetisation data; cost of printing notes doubled to Rs 7,965 cr due to noteban

    RBI releases big demonetisation data; cost of printing notes doubled to Rs 7,965 cr due to noteban
    A big and detailed data of demonetisation has come to the fore after Reserve Bank of India (RBI) released its Annual Report for 2016-17 on Wednesday.
    By: FE Online | Updated: August 30, 2017 6:34 PM
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    [​IMG]Reuters photo

    TOP NEWS
    A big and detailed data of demonetisation has come to the fore after Reserve Bank of India (RBI) released its Annual Report for 2016-17 on Wednesday. According to the data released by RBI, the cost of printing notes doubled to Rs 7,965 crore in FY’17 from Rs 3,421 crore in FY’16 on account of new currency printing post noteban. As per news agency PTI, RBI says 7.62 lakh pieces of counterfeit currency notes detected in FY’17 as against 6.32 lakh in FY’16. Moreover, RBI says 8.9 crore old Rs 1,000 notes out of 632.6 crore yet to be returned post demonetisation, as reported by PTI.



    The RBI annual report confirms that the cost of printing of currency notes more than doubled to Rs 7,965 crore in 2016-17 from Rs 3,421 crore in the previous year on account of new currency printing, as per PTI.

    Congress leader P Chidambaram has attacked the government after RBI released the demonetisation data. Taking to twitter, Chidambaram said, “RBI ‘gained’ Rs 16000 crore, but ‘lost’ Rs 21000 crore in printing new notes! The economists deserve Nobel Prize.” “RBI ‘gained’ Rs 16000 crore, but ‘lost’ Rs 21000 crore in printing new notes! The economists deserve Nobel Prize, ” Chidambaram added in another tweet. Continuing the attack, he wrote, “99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?”


    Follow
    [​IMG]P. Chidambaram

    ✔@PChidambaram_IN

    Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which 'recommended' demonetisation

    6:02 PM - Aug 30, 2017
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    [​IMG]P. Chidambaram

    ✔@PChidambaram_IN

    RBI 'gained' Rs 16000 crore, but 'lost' Rs 21000 crore in printing new notes! The economists deserve Nobel Prize.

    6:03 PM - Aug 30, 2017
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    [​IMG]P. Chidambaram

    ✔@PChidambaram_IN

    99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?

    6:05 PM - Aug 30, 2017
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    The Narendra Modi government had on November 8, 2016 banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny. The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1000 notes has been made. Instead, a new Rs 2,000 note was introduced post note ban.

    Besides, new Rs 500 and Rs 2000 notes, the RBI has also printed new Rs 200 notes.


    http://www.financialexpress.com/eco...-doubled-to-rs-7965-cr-due-to-noteban/833305/
     
  15. NightRider

    NightRider Regular Member

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    But is was a surprise move.
    All the black money came out.
    Article did not tell how much additional income tax govt collected.
     
  16. VIP

    VIP Ultra Nationalist Senior Member

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    How come RBI gained 16000 crores?? And how come all the deposits are legal?
     
  17. ezsasa

    ezsasa Senior Member Senior Member

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    The Modi should rejine...

    The jetlee should refine..



    Growth rate only 5.7%

    All because of demonetisation...
     
  18. hit&run

    hit&run Elite Member Elite Member

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    First they lied and kept ranting that the cost of printing is 21000 crore.

    When a Tweeple showed them the whole report they corrected to 7900 crore. Even the previous cost comparison is flawed.

    Anything coming out on media must be verified.

    WHOLE REPORT

     
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  19. airtel

    airtel Senior Member Senior Member

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    there was a Yojna ......................pay more taxes and change your notes .............wait for the Income Tax data .
     
  20. hit&run

    hit&run Elite Member Elite Member

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    At the very start of previous thread many pointed out that Demonetisation is long haul reform and the ground reality is that people are spreading money. Indians love their cash so much that they can not let the money go waste. :biggrin2:
     
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  21. VIP

    VIP Ultra Nationalist Senior Member

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    How come RBI gained 16000 crores?? And how come all the deposits are legal?
     

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