RBI says got back nearly all of banned currency notes

Narendra Modi’s first visit to Gujarat will be on 13-14 September when he travels to the state along with Japan PM Shinzo Abe for the ground-breaking ceremony of the bullet train

"Our advice to the prime minister, his finance minister and other propagandists is stop making boastful claims, be serious in coursed correction and give the account of your failures", Sharma said.

But the same number, as reported by NDTV, dropped to 862 million in July 2017, which is considerably lower than what it was before the note ban announcement.

Several of Modi's federal ministers also took to Twitter to defend the note ban, highlighting its benefits by using the hashtag #DemonetisationSuccess.

The former PM's criticism on demonetisation was not to target the Modi government, but to tell the voters of India that how a "hasty and unplanned" economic decision could directly hit the GDP.

However, the Modi government changed its goal posts and said the demonetization was aimed to make India shift from cash economy to digital economy. Initial explanation for this drastic decision proffered by the government was that extinguishing higher denomination notes would fight the scourge of black money, fake currency and help in digitising the economy. "So more tax payers, bigger tax base, both in direct and indirect tax, more digitisation, lesser cash in the system, integration of the formal with the informal economy".

He also said that the demonetisation scam not only dented institutional sanctity of the RBI, but also credibility of India overseas and demanded an apology from the prime minister. The economist behind the demonitisation move deserves nobel prize. "They were always under scrutiny", Chidambaram said adding that there were various ways to track people but demonetisation wasn't the way to do it.

It caused a lot of pain to the public as they went panic to exchange their old and invalid notes from banks.

The AAP said demonetisation broke the backbone of the country's economy and lashed out at the Reserve Bank of India for "lying" to the nation about the total amount of Rs 500 and Rs 1,000 notes in circulation before the drive. According to reports from The Indian Express, RBI has released a report confirming that out of the 15.44 lakh crore worth of old notes that were present in the market during the demonetization period, Rs 15.28 lakh, crore worth of old notes had been returned to the bank.

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"RBI "gained" Rs 16000 crore, but 'lost" Rs 21000 crore in printing new notes!

With RBI's data showing that most of the money has returned to the system, the opposition was quick to criticise the government.

"People will accept the truth, they can also accept that a mistake has been made, but it is wrong to state repeatedly that everything done was right", he said.

Singh said since notes worth Rs 14.18 lakh crore were in circulation and notes worth Rs 15.28 lakh crore have come back, there is a surplus of Rs 1.1 lakh crore.

The RBI annual report said that "subject to future corrections based on verification process when completed, " the estimated value of the banned notes it "received" was Rs15,28,000 crore.

If that is indeed the case, it means that people who had made money by evading tax on it simply succeeded in depositing that money into their bank accounts without it being detected and held accountable for tax-evasion.

Interestingly, RBI's annual report shows a spike in the number of so-called suspicious transaction reports filed by banks, financial institutions and intermediaries.

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