These are being raised after the Reserve Bank of India (RBI) announced that 99 percent of banned notes of the Rs 1,000 and Rs 500 denomination are with the central bank. To which Chidambaram quoted a number saying: "In November 2016, electronic payment was Rs 94 lakh crore, in May 2017 (after six months of note ban) it has come back to Rs 94,21000 crore". This is evidence that people have been forced to deposit money "illegitimately lying with them", Jaitley said in a press briefing after the release of the RBI annual report. His assertion that personal income tax collections have gone up 25 per cent post-demonetization is also open to question. Though the old Rs 500 notes were replaced with new ones, Rs 1000 notes were not replaced.
Jaitley said that those who have less understanding of dealing with black money are linking the cash held in banks with note ban. Till such time these notes are processed by the Reserve Bank for their numerical accuracy and authenticity, only an estimation of SBNs received back is possible. All that money came back because people were forced to deposit it.
"This seem to be created to help people to convert black money into white money", said Chidambaram.
Former finance minister P Chidambaram today disapproved Centre's claim that demonetisation has been a successful effort.
But in comparison to the frequent references to corruption, black money, fake currency and terrorism or terror financing, this looked to be one of the least important benefits that the prime minister sought to project through demonetisation.
Prime Minister Modi sought to gain legitimacy for his weird decision by claiming that note ban would help in controlling terror and instability in Kashmir.
Johnson beats Spieth in playoff at Northern Trust
Victor of this year's Open Championship, Spieth used a hot putter to separate himself from the rest of the field. "He won it. He told his caddie, brother Austin Johnson, that if they got into a playoff, he wouldn't make the same mistake twice.
He must apologize to the country and we will continue to force accountability on this issue, " Mr Sharma said.
The amusing thing is that there were no estimates of how much black money was held in the form of cash.
Talking about the counterfeit currency Indian Prime Minister Modi had said, "The 500 and 1,000 rupee notes hoarded by anti-Indian and anti-social elements will become just worthless pieces of paper".
India's economic growth rate fell to 6.1 per cent in the March quarter of 2017 as compared to 7 per cent recorded in the December quarter of same year.
However, at that time when people on the streets were complaining about the difficulties they were facing due to cash crunch in the wake of scrapping of Rs 500 and Rs 1,000 currency notes by Modi regime, Singh chose to come out from his self-imposed exile and spoke eloquently on the subject. The economists deserve Nobel Prize.' Means, the printing charges for RBI (21,000 Cr) is higher than the cash not-returned (16,000 Cr) by citizens.
Interestingly, RBI's annual report shows a spike in the number of so-called suspicious transaction reports filed by banks, financial institutions and intermediaries.