Large deposits post DeMo ends anonymity of cash: Jaitley
August 31, 2017 12:53
A day after the RBI revealed that almost all of the Rs 15.44 lakh crore junked currency had come back, Finance Minister Arun Jaitley today said deposits of "overwhelmingly large amount" of money in banks has ended anonymity around it and helped fix liabilities.
He said the fallout of the demonetisation of old 500 and 1000 rupee notes was on predicted line, with a hit on economic activity in one to three quarters but gains would accrue in medium to long term from integration of formal and informal economy.
The RBI, which had so far shied away from revealing how much of junked currency came back to system post the November 8 note ban decision, in its annual report yesterday said banks have received Rs 15.28 lakh crore, or 99 per cent of the currency invalidated.
Also read: The great DeMo deception
He said the fallout of the demonetisation of old 500 and 1000 rupee notes was on predicted line, with a hit on economic activity in one to three quarters but gains would accrue in medium to long term from integration of formal and informal economy.
The RBI, which had so far shied away from revealing how much of junked currency came back to system post the November 8 note ban decision, in its annual report yesterday said banks have received Rs 15.28 lakh crore, or 99 per cent of the currency invalidated.
Also read: The great DeMo deception
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