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Thursday, 8 November 2018

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Two years of demonetisation : these are the effects


Two years ago Prime Minister Narendra Modi had announced the ban on the same day. On the evening of 8th November 2016, he shocked the country and the world by saying that the notes of 500 and 1,000 rupees in circulation would be invalid from 12 o'clock in the night. This announcement of the PM has made a lot of confusion on every side. However, the Reserve Bank of India (RBI) brought in new note circulation of Rs 500, but 1,000 rupees were completely abolished and new notes of Rs 2,000 were received. In these two years of notebinding, there have been various discussions and are happening due to its success and failure.

99.3% old note back

In the annual report of the financial year 2016-17, the RBI said that 15.31 lakh crore of illegal declared Rs 15.44 lakh crore have returned to banking system. That is, 99.3% of the declared illegal declarations were deposited in the banks, whereas only 0.7% of the notes worth Rs 10,720 crore were not known.

When the ban was announced on November 8, 2016, at that time there were 1,716.5 million notes for 500 rupees and 6,858 million notes of 1,000 rupees were in circulation. The total value of both was Rs 15.44 lakh crore.
According to the RBI, 8.9 million notes of 1,000 rupees ie 1.3 percent of the notes do not return to the banking system.
1. After spending Rs 500 and Rs 2,000 after the note-taking, the RBI spent Rs 7,965 crore on printing of new notes. Last year, less than half of the Rs 3,421 crore was spent on printing the notes. In the financial year 2017-18, Rs 4,912 crore was spent on printing of notes.

2. Due to the increase in printing and other costs, the impact on the dividend given to the government by the RBI. The central bank said that its earnings decreased by 23.56 percent in the financial year 2016-17, while the expenditure increased more than doubled by 107.84 percent.
3. Fiscal year 2017-18 lost 27,700 million old notes of 500 and 1,000 rupees. It was 1,200 crores last year.
Payment system prepared by the National Payment Council of India (NPCI) in 2012.
Ten years ago, there were only 14 million debit cards, which have now reached 1 billion. Significantly, NPCI has its own separate payment mode known as UPI. In the month of August, a transaction of 5 billion 42 million 10 lakh rupees was made using this payment mode 31 million two million times. That is, its popularity is growing at a very fast pace.

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