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No info on black money eliminated through note ban: RBI to parliamentary panel

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prasad1

Gold Member
Gold Member
The RBI has 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.

Stating that an estimated Rs 15.28 lakh crore in junked notes has come back “subject to future corrections based on verification process”, the Reserve Bank also said it has “no information” whether demonetisation is being planned to be implemented at regular intervals.

The RBI has been facing flak
from the opposition parties for demonetisation and delay in disclosing figures on the junked notes, even as the government has maintained that the November 8, 2016 decision to ban Rs 500/1,000 notes in circulation at that time has helped in curbing black money, among other benefits.

Last week in its annual report, the RBI finally made public the details of the junked notes that have come back into the system putting the figure at Rs 15.28 lakh crore. The same figure has now been shared with the Parliamentary Standing Committee on Finance.

Replying to queries from the panel, the RBI said the verification for authenticity and numerical accuracy are still on, while some of the specified bank notes (old Rs 500/1,000 notes) which were accepted by banks and post offices are still lying in currency chests.

The central bank also informed the panel that the completion of the process of verification will take time in view of the large volume involved.

http://www.hindustantimes.com/india...-parl-panel/story-UAocbZGMDdQwHfAQvwlTxN.html
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biswa

New member
I doubt black money has been directly eliminated by demonetisation. However there is still opportunity to do so by auditing all the cash deposited in banks. Before demonetisation, there was no way of doing that.
 

a-TB

Well-known member
Demonetization (I heard) helped remove access to illegal cash that funds terrorism for a while and corruption in elections.
UP was won by BJP because demonetization removed ready access to black money. Let us hope some good comes out of all this
 
OP
prasad1

prasad1

Gold Member
Gold Member
Demonetization (I heard) helped remove access to illegal cash that funds terrorism for a while and corruption in elections.
UP was won by BJP because demonetization removed ready access to black money. Let us hope some good comes out of all this


I too wish it was true.But read the following analysis:


Former RBI Governor VY Reddy said that the RBI is facing 'reputational' risk and its identity as an institution has been damaged.
When asked if he would have accepted the government’s decision to demonetise Rs 500 and Rs 1,000 currencies to curb black money hoarding as the RBI governor, he gave an indirect response saying what mattered are the steps that will be taken after implementing the decision.
Reddy, who served as the Deputy Governer in the RBI for seven years, before being appointed as the RBI governor by the Vajpayee government, (a post that he held for five years), was of the opinion that black money cannot be eliminated by destroying cash through demonetisation. He was speaking in an interview with CNBC TV 18.

https://www.thequint.com/news/india...on-former-rbi-governor-y-v-reddy-to-cnbc-tv18



I am in India at this time. I see Cash flowing everywhere.

You can still get a Pan Card for Rs 50,000.00 cash. Is it white or black money.
 
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a-TB

Well-known member
I too wish it was true.But read the following analysis:


Former RBI Governor VY Reddy said that the RBI is facing 'reputational' risk and its identity as an institution has been damaged.
When asked if he would have accepted the government’s decision to demonetise Rs 500 and Rs 1,000 currencies to curb black money hoarding as the RBI governor, he gave an indirect response saying what mattered are the steps that will be taken after implementing the decision.
Reddy, who served as the Deputy Governer in the RBI for seven years, before being appointed as the RBI governor by the Vajpayee government, (a post that he held for five years), was of the opinion that black money cannot be eliminated by destroying cash through demonetisation. He was speaking in an interview with CNBC TV 18.

https://www.thequint.com/news/india...on-former-rbi-governor-y-v-reddy-to-cnbc-tv18



I am in India at this time. I see Cash flowing everywhere.

You can still get a Pan Card for Rs 50,000.00 cash. Is it white or black money.

The point made was NOT that demonitization removed access to illegal cash permanently. What I said was
"Demonetization (I heard) helped remove access to illegal cash that funds terrorism for a while and corruption in elections."
That means it is temporary but it may have helped illegal cash from being used in UP elections handing a major victory in UP for BJP/Modi. The new UP government then can clean up corruption at local level at least that is the hope.

Above point has nothing to do with the elimination of corrupt practices (like getting PAN card for Rs 50K cash, it may not be illegal cash though)
 

biswa

New member
This is strange. Why do you need to pay 50K to get a PAN card? I got one by applying online and paying the usual fees.


I too wish it was true.But read the following analysis:


Former RBI Governor VY Reddy said that the RBI is facing 'reputational' risk and its identity as an institution has been damaged.
When asked if he would have accepted the government’s decision to demonetise Rs 500 and Rs 1,000 currencies to curb black money hoarding as the RBI governor, he gave an indirect response saying what mattered are the steps that will be taken after implementing the decision.
Reddy, who served as the Deputy Governer in the RBI for seven years, before being appointed as the RBI governor by the Vajpayee government, (a post that he held for five years), was of the opinion that black money cannot be eliminated by destroying cash through demonetisation. He was speaking in an interview with CNBC TV 18.

https://www.thequint.com/news/india...on-former-rbi-governor-y-v-reddy-to-cnbc-tv18



I am in India at this time. I see Cash flowing everywhere.

You can still get a Pan Card for Rs 50,000.00 cash. Is it white or black money.
 

a-TB

Well-known member
This is strange. Why do you need to pay 50K to get a PAN card? I got one by applying online and paying the usual fees.

That is our experience here. Just applied online and paid the fee they ask and PAN card came as promised
 
OP
prasad1

prasad1

Gold Member
Gold Member
Above point has nothing to do with the elimination of corrupt practices (like getting PAN card for Rs 50K cash, it may not be illegal cash though)


Like Biswaji said you do not need any extra cash to get "1" pan card. You need extra cash which is bribe and is black to get the next pan cards.

Every street food vendor has gas cylinder, you need pan card to get cylindor, how do they get it?

The reduction of black money, cashless India all is total myth.

A family member (lawyer) very close to Jaitley just paid RS 2.00 crore in cash and under the table to buy a posh flat in Delhi for Rs 12.00 crore, that he was willing to admit.


Honest people can not think crooked ways. A friend of mine has 5 pan card, and uses it all. He says there are numerous uses.
 
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