Demonetisation: Rs 14 lakh crore in old notes are back, only Rs 75,000 crore out

[The_Showstopper]

Demonetisation: Rs 14 lakh crore in old notes are back, only Rs 75,000 crore out
According to information now available with RBI and the government, about Rs 14 lakh crore in demonetised currency have been deposited with banks, so far.
Updated: January 9, 2017 5:37 pm

As on November 8, just before demonetisation, of the approximately Rs 17.50 lakh crore currency in circulation, the Rs 500 and Rs 1,000 notes made up about Rs 15.50 lakh crore, or 88 per cent of the total. (Representational image)
The government is resigned to the prospect of only about Rs 75,000 crore in demonetised Rs 500 and Rs 1,000 notes not returning to the formal banking system, a top official said.

When the decision to scrap these high-denomination notes was taken, the government had estimated that up to Rs 3 lakh crore or almost 20 per cent of the total value of demonetised currency would not return, and be available for spending once the liability is extinguished.

According to information now available with the Reserve Bank of India (RBI) and the government, about Rs 14 lakh crore in demonetised currency have been deposited with banks, so far.

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“We also now know for sure that another Rs 50,000 crore in old notes of Rs 500 and Rs 1,000 were already available with banks when Prime Minister Narendra Modi announced the decision to demonetise the high-denomination currency,” the official told The Indian Express.

Government officials also claimed that almost Rs 10 lakh crore in new currency have already been supplied to banks.

To expedite the return to normalcy, the government, nevertheless, sought the RBI’s opinion to know if it could release about Rs 75,000 crore from its own currency reserves.

But the RBI has been of the opinion that the situation would be close to normal in another fortnight or so with almost Rs 2-2.5 lakh crore additional currency, freshly printed, being dispatched to the currency chests of banks.

As on November 8, just before demonetisation, of the approximately Rs 17.50 lakh crore currency in circulation, the Rs 500 and Rs 1,000 notes made up about Rs 15.50 lakh crore, or 88 per cent of the total. With Rs 14.50 lakh crore in Rs 500 and Rs 1,000 notes or 93.5 per cent of the total value of demonetised currency with banks now, the RBI has started the process of counting these to identify fake or counterfeit currency.

“The RBI has about 60 large-sized machines that are calibrated to distinguish the fake and counterfeit notes from the wads of returned currency. But even if they work for 12 hours, these 60 machines are estimated to take 600 days to complete the job,” said another official.

The government is considering a proposal to decentralise the process of counting. “We are looking if banks can be involved to finish the task much earlier,” the official said.


http://indianexpress.com/article/bu...-are-back-only-rs-75000-crore-out-rbi4465542/

 

[The_Showstopper]

 

[SarthakGanguly]

http://indianexpress.com/article/in...argest-organisation-of-manufacturers-4465524/

https://www.scoopwhoop.com/How-Demo...Accounts-Due-To-Religious-Reasons/#.9mu1wk2i5

http://muslimmirror.com/eng/demonet...-ever-in-indias-history-worth-rs-8-lakh-crore

http://muslimmirror.com/eng/what-demonetization-means-for-us

http://www.thelotpot.com/finally-note-ban-is-anti-muslim-says-congress-leader-kapil-sibbal/

@Guynextdoor2

 

[CBU-105]

http://indianexpress.com/article/in...argest-organisation-of-manufacturers-4465524/

wah ji, ninja edit and put a ton of other links since

I'll quote just the original, yes, countless sectors have taken a hit, though things are getting back to normal, smaller queues at ATMs and banks, yaay.

and as we get fully solvent again, the feking stone pelter jihad will start again too, first they went "black money" (which I know has not worked out), then they said "digital india", and now the anti-terror googly, improving the valley situation

notebandi = dumb retarded move

 

[SarthakGanguly]

wah ji, ninja edit and put a ton of other links since

I'll quote just the original, yes, countless sectors have taken a hit, though things are getting back to normal, smaller queues at ATMs and banks, yaay.

and as we get fully solvent again, the feking stone pelter jihad will start again too, first they went "black money" (which I know has not worked out), then they said "digital india", and now the anti-terror googly, improving the valley situation

notebandi = dumb retarded move

It is basically an anti Muslim move, to strengthen Hinduvatas and the Hindu terror state.

 

[CBU-105]

It is basically an anti Muslim move, to strengthen Hinduvatas and the Hindu terror state.

spare me the ideological nonsense please, desh ke lie jaan deni hoti to army join kar balidan badge kamata, this move was bs, all it did was inconvenience regular people.

I didn't lose a penny here btw, though I know plenty who were hoarding cash and they all went legit with it, for a small fees of course.

I'm just glad things are better now.

 

[SarthakGanguly]

spare me the ideological nonsense please, desh ke lie jaan deni hoti to army join kar balidan badge kamata, this move was bs, all it did was inconvenience regular people.

I didn't lose a penny here btw, though I know plenty who were hoarding cash and they all went legit with it, for a small fees of course.

I'm just glad things are better now.

Owaisi reported that Modi was not depositing money in Muslim regions.

 

[Rajaraja Chola]

Good and bad things. Bad things. Only a fraction of money has disappeared. I suspect atleast 20,000 crore money with NRI's. So most of the money is back into banking system. Modi govt's thought of cash in black destroyed is not much a success.
Second to have all the accounts audited, to scrutinise and send IT notices to everyone will take 3 years (min). Some estimates vary to 6 years. God knows what will happen to those money and persons in such timeframe.
Third it has shown corruption in banks, whom many have thought its free from it. 112 Cr in new notes have been captured. Who knows how much havent been detected still. And banks have allowed thousands of new accounts to be created just to deposit money. Till now only 3-4 banks have been detected. Its going to get more.
Govt say that it has recovered some 3100 odd crores from black money(penalty alone) meaning some 15-20000 crores have been converted to white after the payment of fines. If it doesnt recover atleast 1 lakh crore for the exchequer , then this might be deemed as failure.

 

[CBU-105]

Owaisi reported that Modi was not depositing money in Muslim regions.

how about we leave the muslims out of this one and accept that this was a retarded move that did nothing but inconvenience regular folk, disrupted everyone in a "secular" fashion even.

 

[SarthakGanguly]

how about we leave the muslims out of this one and accept that this was a retarded move that did nothing but inconvenience regular folk, disrupted everyone in a "secular" fashion even.

Are you a bhakt? How dare you wish to keep Muslims out?

 

[RISING SUN]

Rs 15 crore bank deposits made post demonetisation declared benami
Cash deposits of Rs 15.39 crore made in a Delhi bank post demonetisation have been held as 'benami' property by a special court even as the depositor and the beneficial owner of the stash are "untraceable".

The deposits were declared 'benami in the ruling in one of the first adjudication cases of the new anti-black money law.

The Prime Minister Narendra Modi-led government had brought into force the new Benami Transactions (Prohibition) Amendment Act, 2016 from November 1 last year, as part of its multi-pronged strategy to curb illicit wealth.

The case pertains to one Ramesh Chand Sharma, reportedly a resident of Gali Laltain in Naya Bazar area of old Delhi.

The Income Tax Department, as part of its drive against black funds post the note ban, had conducted a survey at the Kotak Mahindra BankBSE 0.98 % branch on K G Marg in December last year and found that Sharma, post demonetisation, deposited Rs 15,93,39,136 cash in old notes of Rs 500 and Rs 100 in the account of three firms, suspected to be fake.

The taxman found that immediately after the cash deposits were made, "demand drafts were issued to a group of non- descript individuals with a view to alienate the cash."
The department froze these DDs and attached these funds calling them 'benami'.

The department subsequently sent the order for confirmation to the Adjudicating Authority of the Act, as per the legal provision of this stringent law.

The Authority, sometime back, confirmed the I-T order, making it one of the first five cases of adjudication under this new law in the country till now.

"The material gathered through the survey, search, consequent enquiry clearly leaves no room to doubt that the said amount aggregating to Rs 15.93 crore (approx) in accounts of...is a benami property.The said Ramesh Chand Sharma is the benamidar and the identity of the beneficial owner is not know," an order by the division bench of the Authority, Mukesh Kumar (Chairperson) and Tushar V Shah (Member-Law), said.

The order, accessed by PTI, said Sharma too has gone "untraceable" since the action was launched against him by the I-T Department.

It added that Sharma "consistently remained absent in the proceedings before the investigating officer and also before the Authority inspite of several services (summonses) in accordance with law."

The tax departments' charge sheet filed in the case states field enquiries revealed that Sharma was "holding this benami property (cash deposits) as a benamidar for some persons who are the beneficial owners of the properties and whose identity is not traceable or is fictitious."

The department also found that Sharma has once filed an Income Tax Return (ITR) declaring income of Rs 3 lakh for the assessment year 2006-07.

Sharma, as per the I-T charge sheet, never responded to its summonses and his address given in the KYC (know your customer) documents of the bank "resulted in the revelation that no such person ever resided" in the given location of old Delhi.

"Enquiry by the Inspector revealed that nothing was known about such person in the neighbourhood also," it said.

"The only possible reason for giving a wrong address could be that there was a pre-planned intention on the part of the account holder (Sharma) to engage in such activities after which he did not want any trace of his to be left behind.

Apparently, his account was utilised by persons who were either not traceable or fictitious to bring their own unaccounted money in the form of demonetisation currency notes back into the banking channel," the I-T charge sheet, also called prosecution complaint, said.

It added that no one claimed the money even after the taxman attached it as it was black and the person(s) concerned "decided to remain quiet and forego the amount rather than to reveal themselves to the law."

"It is apparent that Sharma, a man of meagre means could not have the resources to raise such a huge amount," it said.

After PM Modi's declaration of the note ban on November 8 last year, the I-T department had warned people against depositing their unaccounted banknotes in accounts maintained by someone else.

Such an act, it had said, would attract criminal charges under the Benami Act, applicable on both movable and immovable properties.

The I-T department is the nodal department to enforce the Benami Act in the country.

The tax department, in a data updated till last month, had said that assets worth Rs 1,833 crore have been attached by it under this stringent new law, for which it issued over 517 notices and made 541 attachments.

The law provides for a maximum punishment of seven years in jail and a fine.
https://economictimes.indiatimes.co...tion-declared-benami/articleshow/61804633.cms

 

[HariPrasad]

And 3.5 lakh crore black money trail traced.

 

[pothead]

And 3.5 lakh crore black money trail traced.

Shhh..that fact is not important.

Do you know the biggest joke?
We asked, nay, we all demanded Modi to act on black money. Now that he has acted, a section of us who lost our money or under the scanner are not liking the after effects.

It's like how we all pretend to be "good" or demand that we all be good, only to realize the cost of being good when push comes to shove.

 

[ashok321]

https://twitter.com/x/status/934629660297609216

 

[ashok321]

Demonetisation and higher costs bleed small finance banks