BJP’s New Song in Defense of Failed Demonetization

Reserve Bank of India (RBI) finally revealed that 15.28 Lakh Crore out of the total, 15.4 Lakh Crore Demonetized Currency i.e., 99% is back into the system. The windfall of RBI through Demonetization is nothing more than 16000 Crore.

[m9ad]

At the same time, RBI has spent a whopping 7965 Crore for the Printing of the New Notes.The net expenditure on liquidity operations stood at Rs 17,426 crore in FY17 which means Demonetization only got a loss to the government and RBI.

BJP and its supporters until now were saying that Demonetization will save about Three Lakh Crore but Finance Minister Arun Jaitley took up a new song saying that Demonetization is all about bringing all the money into the system and increasing the Tax net. He says Demonetization is a success since 99% money came back.