New Delhi, November 3: Prime Minister Narendra Modi’s demonetisation drive to stash out prevailing black money in the system by stashing out 86 % of currency in circulation seems to have gone completely disarrayed as CNBC-TV18 reported that Indian banks have already witnessed over Rs 11 lakh crore deposits till 30 November.
The report says: With a nearly a month to go before the December 30 deadline for deposit of invalid currency notes expires, the revelation now raises questions whether the demonetisation drive can successfully target black money hoarders.
Earlier this week Reserve Bank of India had said that deposits close to Rs 8.4 lakh crore were already made till 27 November since demonetisation of Rs 500 and Rs 1000 kicked off on 8 November. Another report suggested that the SBI deposits surged up to 17 % in the last three days. Going by the figure of staggering Rs 11 lakh crore into the banking system till 30 November, 80 percent of the total banned currency has already been deposited by the public.
Going by the figure of staggering Rs 11 lakh crore into the banking system till 30 November, 80 percent of the total banned currency has already been deposited by the public. It clearly questions Modi government’s black money battle and indicates that either there was no black money or the existing black money has already been converted into white by entering the banking system.
Still, the government has maintained a massive cash crunch hitting the supply chain and consumer behaviour across the country. The constant flip-flops on exchange and cash deposits in the bank branches, along the payday woes as banks are running out of cash within a few hours every day are only adding disappointment to the common man.
The implementation of demonetisation by Modi government has been chaotic. Supreme Court has quashed government for sidelining the concerns of common man. More than 75 people have died, wedding are cancelled and ATMs queues keep swelling every day till date.
Situation is far worse in the rural and remote India. The government that is battling out severe cash crunch, keeps on mongerring benefits of cashless economy. While the ground reality is gruesome as even today many places are yet to receive Rs 500 notes. Farmers are finding it hard to sell the outputs or buy the seeds as many do not have accounts even today.
Will India succeed in making a virtue out of necessity?