The Reserve Bank of India (RBI) has informed the parliamentary panel that it has no information about how much black money has been removed as the result of the demonetisation exercise of the Rs 500 and Rs 1000 notes.
The RBI also said that it has no idea on how much amount of unaccounted cash that was legitimised through the exchange of currency post the note-ban stating that an estimated Rs 15,280 crore in old currency notes has come in the system.
Further briefing on the issue, RBI said that it has no information on whether Demonetisation is being planned to be implemented at regular intervals in the future.
Prime Minister Narendra Modi’s government implemented announced the ban on Rs 500 and Rs 1,000 notes on November 8, 2016. It was one such move that the government took saying that it was done to crackdown on black money, corruption.
However, months after the demonetisation exercise was conducted, opposition has hit out the government blaming note ban implemented in the country was responsible bringing the economy and GDP down.