Given that a bigger value currency note was introduced in Rs 2,000, and a new Rs 500 was brought in immediately, and now even Rs 1,000 is coming back, one is plagued by the question that refuses to answer itself: What was the point of demonetisation after all?
On November 8 a year ago, Prime Minister Narendra Modi banned Rs. 500 and Rs. 1,000 notes with the aim to counter black money and counterfeit currency.
"In a few months, new color combination and new design Rs 1000 notes will be released", then department of economic affairs secretary had said at the first press conference after the note ban on 10 November 2016.
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According to the report, around 89 million old Rs 1000 notes were in circulation in March 2017, while in March 2016, around 6.3 billion Rs 1000 notes were in circulation. RBI is finally preparing to print Rs 1000 note at printing presses in Mysore and Salboni. "Subject to future corrections based on verification process when completed, the estimated value of SBNs received as on June 30, 2017 is Rs 15.28 lakh crore", said RBI. As of March 31, 2016, there were 1,570.7 crore Rs 500 notes in circulation. The share of the newly-introduced Rs 2,000 banknotes in the total value of banknotes in circulation was 50.2 per cent at end-March 2017.
Experts say that what goes for 1000-rupee notes is equally applicable for 500-rupee notes.
"Buoyed by festival demand and a bumper kharif harvest, a renewed pick-up in currency in circulation was beginning to form in Q3 when demonetisation abruptly stifled it. The economists deserve Nobel Prize".
"Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI". However, the huge gap between the Rs 500 and Rs 2,000 notes is creating trouble for the common man as exchange has become a major trouble.
So, did demonetisation completely fail in bringing black money to the banks? These were issued by select RBI offices and some banks. The Bank Note Paper Mill at Mysuru started commercial production.
Reacting to this figure, Chidambaram said that it was shamefull for the RBI. He said the demonetisation was not a move to confiscate currency.
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