It is progressively winding up obvious that Indians were conned by demonetisation and it’s an immense trick essentially holding on to be disentangled. Presently, it has been discovered that either the Reserve Bank of India (RBI) is fudging records or lying for the benefit of the administration.
As indicated by the RBI’s own yearly reports, less spiked notes came back to the banks two years after demonetisation of ₹1,000 and ₹500 cash notes than declared by the legislature. Furthermore, a substantial number of spiked ₹1,000-₹500 notes proceeded “available for use” long after the November 8, 2016, choice, according to accessible information from the RBI.
In August 2017, the Finance Minister Arun Jaitley and the RBI had declared that of the ₹5.44 lakh crore removed from course, ₹15.28 lakh crore, or practically 99%, had come back to the framework through stores. This was affirmed in a RTI answer (November 24, 2017), when the RBI’s own figures demonstrated an arrival of ₹1,52,80,00,00,00,000 to its treasury.
Be that as it may, as indicated by the subtleties in the RBI’s Annual Report, 2016-2017, till March—after demonetisation, there were 6,26,00,00,000 (6,260 million) pieces, esteemed at ₹62,60,00,00,00,000 (₹6.26 lakh crore) of the dropped ₹1,000 notes available for use. Likewise, amid a similar period, there were 15,70,70,00,000 (15,707 mn) bits of dropped ₹ 500 notes, esteemed at ₹78,53,50,00,00,000 (₹7.85 lakh crore) available for use (Currency Management segment, Table No. VIII. 1).
While counting the over two figures of the demonetised ₹1,000 and ₹500 notes, it sums to ₹1,41,13,50,00,00,000 (₹14.11 lakh crore) This is the thing that should have come back to the banks.
This is substantially less that the authoritatively pronounced measure of Rs 15.28 lakh crore that was furrowed back to the banks. This demonstrates an overabundance of ₹1.11 lakh crore (₹11,66,50,00,00,000) returning to banks.
This is the place it gets fascinating. Indeed, even in the RBI’s March 2018 report, it demonstrates that 6,60,00,000 (6.6 crore) bits of the demonetised ₹1,000, esteemed at ₹6,600 crore (₹ 66,00,00,00,000), stay available for use.
Scrutinizing the disparities in the RBI reports is Mumbai-based RTI extremist Manoranjan Roy. He has kept in touch with the Central Economic Intelligence Bureau (CEIB), requesting a point by point test into the yearly report (FY-2017-2018), portrayed by RBI as “a statutory report of its Central Board of Directors”. Also, he has documented a case at the Bombay High Court.
Refering to another arrangement of information got under RTI answers, Roy states that from 2000 to 2018, RBI has printed 10,400 million bits of ₹ 1,000, however in these 18 years, 11,222 million dirtied bits of ₹1,000 were arranged. “There is a tremendous inconsistency in the notes printed and the notes decimated. I think there could be “an enormous trick” of money notes,” stresses Roy.
“With the RBI’s disclosures on different issues including the fake cash notes available for use, the inquiry is for what reason was demonetisation authorized in any case, and what is the genuine purpose for the ex-RBI Governor Urjit Patel’s sudden exit?” Roy inquired.
What should likewise be remembered is that the majority of this information on demonetised notes does exclude the subtleties discharged by NABARD, which expressed that all the agreeable banks in the nation additionally gathered colossal measures of the spiked notes in five days after demonetisation. “A genuine test by CEIB is an unquestionable requirement,” demands Roy.
Roy says none of these reports have incorporated the Specified Bank Notes (SBN) as yet lying in the hands of the everyday citizens, who couldn’t store these notes with the Banking System inside the stipulated time, because of various reasons. “There are demonetised notes still in Nepal and Bhutan. These issues have not been settled yet. Nobody is worried about these. Indeed, even the courts supporting the Government and RBI,” charges Roy.
An email was sent to RBI looking for reactions to the anomalies in the reports. National Herald has gotten no reactions. On the off chance that RBI answers, this story will be refreshed.