After the Prime Minister of India, Narendra Modi, declared a sudden state of demonetization in November 2016, demonetization has begun to show its effect. Demonetization banned all the notes of Rs 500 and Rs 1000 in Indian currency. This resulted in chaos for time being. But the citizens of India showed their full support and cooperated with the ongoing situation.
Well, now the situation is different. The country is now leaving on less than 50% of cash that it used to live on before. This is due to nothing but ban of Rs 500 and Rs 1000 notes and insufficient amount of new Rs 500 and Rs 2000 notes. According to sources, Reserve Bank of India claims to replace 60% of banned notes this year.
The black money in India is in such hefty amounts that post the deadline Rs 40,360 Crore were deposited in the form of banned currency to RBI. This made the overall amount deposited in the country to reach the number of Rs 8.98 Lakh Crore. This data was given by Reserve Bank of India.
This is 50.04% less than the pre-ban money level of Rs 17.97 Lakh Crore analyzed and examined on November 4, 2016 before demonetization.
Well, in an effort to make the country a developed one, the common man of India has suffered a lot. But he would be happy if these efforts will show some effects. Don’t you think so? Don’t you agree with us? Do comment if you agree. Do let us know if you have any suggestions for us.