Reserve Bank of India states that Rs. 11.5 lakh crores has been
deposited in bank accounts during the first month of the demonetization drive. However, SBI states
that the figure is inflated by 15%. So who is right?
Both of them actually. RBI
mentions the amount of currency received by them from various banks. This includes
the notes exchanged outside the system by unscrupulous branch managers. Banks only show the amounts entered as
deposits within the system. Hence while the RBI reports a figure of 11.5 lakh crores, banks report a figure of 9.78 lakh crores. This leaves a Rs. 1.72 lakh crores gap in Modi’s drive.
Time and again various statistics are pointing to the failure of Modi’s much
vaunted demonetization drive. However, the PM has chosen to completely ignore
hard facts and figures and simply reiterates his rhetoric and urges the youth
to use highly vulnerable mobile banking systems. The recent raids by ED were
just a drop in the ocean and a publicity stunt.
Actual black money marketers
have gamed the system and in a matter of just a month made off with 1.72 lakh
crores while the common man remains stranded for even Rs. 2,000.
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