Where's The Black Money? Almost All Banned Notes Returned: Foreign Media
Posted Chandana On 30 Aug, 2018 09:22 AM at Nandigama,Krishna
Indian Prime Minister Narendra Modi's efforts to weed out black money through a ban on high-value currency notes haven't yielded the desired results. Of the 15.4 trillion rupees ($218 billion) of cash in circulation that was invalidated on November 8, 2016, the government estimated about 5 trillion rupees wouldn't be returned to banks because it was stashed illegally to avoid tax. However, data from the central bank's annual report on Wednesday showed 15.3 trillion rupees, or 99.3 percent, of the banknotes were returned, suggesting there was hardly any unaccounted wealth held in cash. An amount of 107 billion rupees hasn't yet been received by the Reserve Bank of India after the cash ban, according to the report.