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Demonetisation was a note-worthy move: Here’s proof

02:24 AM May 30, 2019 | Free Press Journal Correspondant

While fellow countrymen are still recovering from the aftermath of demonetisation, India is ready to celebrate the first anniversary of demonetisation. While the Modi government’s idea of demonetisation was to bring in black money, but till today there has been no exact figure announced as in how much black money has been brought back in.

While the government and the Reserve Bank of India (RBI) were busy in printing and designing new notes, they completely side-lined the fact that the black money has to be counted. In report released by RBI, in which it told a parliamentary panel that it has “no information” on how much black money has been extinguished as a result of demonetisation of Rs 500/1,000 notes or about unaccounted cash legitimised through exchange of currency post note ban.

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Also Read: A year after demonetisation, the hunt for elusive black money continues

It doesn’t end here. Adding to its misery, according to RBI’s report, the printing cost of new currency notes have increased to Rs 7,965 crore, more than double the figure in the previous year, when it stood at Rs 3,421 crore. While the demonetisation exercise may not have resulted in black money being destroyed in the form of unreturned notes, it may help in tracing unaccounted wealth, RBI said.

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While the whole idea of demonetisation was to trace and bring in black money, the Modi government instead were busy in scrapping notes and brining in new currency notes. The Modi government under the name demonetisation scrapped and re-introduced new currency notes — Rs 2000, Rs 500, Rs 200 and Rs 50 new notes, and Rs 1000 and Rs 500 (scrapped notes). Well, and they have already pre-planned new Rs 100, Rs 5 and Rs 1 currency notes and coins, according to reports.

The new currency note was just a way to leave behind a mark of Modi government. While the new Rs 2000 has a Pinkish colour and has an Indian satellite landing on Mars and Rs 500 has a greyish colour and on the back side of the note, an image of the Red Fort with Indian flag has been placed. Both notes have Gandhijis photo printed too.

The new Rs 200 and Rs 50 are bright in colour. The Rs 200 is yellow in colour. The central bank had earlier said it would come up with a new denomination of Rs 200 and Rs 50 notes to bridge the gap between Rs 100 and Rs 500 denominations. The new Rs 200 notes has bright yellow colour, and the new Rs 50 has bright blue colour.

Also Read: Demonetisation: Was it really Narendra Modi’s idea?

How can the Modi government not leave its mark on the new notes? Well, the new notes have logo and slogan of ‘Swachh Bharat’. This proves the entire demonetisation was about leaving a mark behind.

The Modi government are also planning to introduce Rs 100, Rs 10, Rs 5 and Rs 1 currency notes and coins. While some media reports are saying that Rs 100 are coins and some say that it will be a note, and RBI will start printing it in April 2018. While the new Rs 10 and Rs 5 will be coins which will have Ashoka Pillar, and flanked with words Bharat, India and Satyamev Jayate on three sides.

While Modi government is running away from the fact that it has still not been able to trace down black money, it even hasn’t being able to trace how much money people have stashed in foreign banks. Well this again proves that it was only about leaving its mark, and that it was not well planned, nor well executed plan.

(Views expressed by writer are personal.)

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