India

Demonetisation in India failed to eradicate ‘Black Money’

Demonetisation in India failed to eradicate ‘Black Money’
Written by Pallavi Parmar

RBI revealed on Wednesday that the banks have received Rs 15.28 lakh crore junked currency notes. The RBI report shows that the Demonetisation has failed to eradicate black money from India as the 99% of old currency had received by the bank. In this reply Finance Minister Arun Jaitley on Thursday said that deposits of the overwhelmingly large amount of money in banks has ended anonymity and helped fix liabilities. He further added that the fallout of the demonetisation of old 500 and 1000 rupee notes was on the predicted line with hit on economic activity.

After the statement of RBI, the Congress Vice President lashed out at the Prime Minister Narendra Modi for the demonetisation failure. He tweeted on Wednesday night that “a colossal failure that cost innocent lives and ruined the economy”. He tweeted after the following release of the data information of the Reserve Bank of India. Although the demonization is the move for the future of the Indian economy and government claiming that demonetization would have a longer impact on the economy. However, it had an impact on the lives of people. Earlier the former finance minister P Chidambaram had also slammed the government for the banned move by terming it as ‘disaster’ and ‘anti-national’

Demonetisation had designed by the Modi government to convert black money into white. And the government also claiming that this move will help in the growth of  Indian economy. While the Demonetisation had crashed the industrial services growth and economic growth that led to the massive fall in the government spending and in the growth excluding agriculture. RBI believes that the harmful impact of demonetization is transient on the economy.

About the author

Pallavi Parmar

Journalism is my profession, Blogging and Writing are my passion, Travelling is my love, Food is my life and Feminist by nature.