It has been over a year since Rs 500 andRs 1000 notes were declared as illegal tender by PM Modi. The surprise move is aimed at fighting rampant corruption in India, directly targeting those with large sums of black money, most likely in ₹500 and ₹1000 notes.
While thousands have lauded it, many said that the move is an ill-planned one. Now an RTI by activist Prafful Sarda has revealed some new information about this historic move.
Total money was about 17.74 trillion and after demonization 15.86 trillion deposited back. So rest 1.8 trillion is in form of RS.1,2,5,10,20,50 & 100. Some 500 n 1000 RS notes must be with few people. But main aim to get money in main stream is successful. Due to this banks has surplus deposit with them. And that’s d reason most of the loans are are available at very low rates. Even banks has pulled down FD , saving and many other schemes interest.
Major benefit is almost full money came into main stream and Income tax Dept also started taking action against people who has deposited unaccounted money in their account.
The RTI Activist said “Hon. PrimeMinster Narendra Modi took historic decision about demonization which has mix reaction from every section of the society. Rs.15.28 trillion of Rs.500 & RS.1000 notes deposited in banks. Which is quite high than the actual valuation. So I must say Modi govt took right decision about demonization, which will also help Indian economy in the long run.”
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Twitter Handle : @prafful_sarda