Numbers Crunching Begins to Determine Demonetization Gains

It is 60 days since the Demonetization is announced and the officials are busy in numbers crunching. There is a lot of discussion about the gains of Demonetization. Officials say that about Three to four Lakh Crore of evaded income is deposited in banks after the Demonetization.

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The Income Tax Department is looking into the more than 2 Lakh Crore Deposited in over 60 Lakh Bank Accounts. Due to the allegations of massive irregularities, Income Tax and Enforce Directorate (ED) are looking into the more than 16000 Crore cash deposited in Cooperative Banks.

Another positive for the banks with this exercise is that huge amounts of loans are repaid and most of these loans are bad loans. Nearly 80000 Crore of repayment of loans is done in cash post-November 8th. Reserve Bank of India (RBI) is still crunching the numbers to estimate the amount of money that is not deposited in banks.

There are several reports about 70000 Crore to 1.6 Lakh Crore not deposited in banks which will be the gain for the government with the demonetization. People who have bore all this mess are expecting that the government will pass on the benefits of Demonetization to the commoners.