Demonetisation slashed cash transactions: NITI Aayog Vice Chariman


New Delhi, Aug 30 (IANS): A day after the RBI said that 99.3 per cent of the demonetised currency has returned to the banks, NITI Aayog Vice Chairman Rajiv Kumar on Thursday said the objective of the note ban exercise was not to have a large number of unreturned Rs 500 and 1,000 notes but to encourage digital payments and reduce cash transactions.

"Who said the aim of demonetisation was to get back less money? Demonetisation has impacted the markets and market psychology," Kumar said.

"How many cash transactions used to take place before demonetisation, and what is the position now?" he said.

The government has maintained that the physical currency in the system at present is much less than what it would have been if demonetisation had not taken place.

Economic Affairs Secretary Subhash Chandra Garg had said on Wednesday that had the physical currency grown at the same rate at which it was growing before demonetisation, there would have been some three to four lakh crore rupees more in the system at present.

The RBI's annual report 2017-18 said that on completion of the process of verification of the scrapped Rs 500 and Rs 1,000 notes, it was found that the total value of the demonetised currency returned to the banks stood at Rs 15.3 lakh crore, which amounted to 99.3 per cent of the Rs 15.4 lakh crore worth of such notes in circulation on November 8, 2016.

  

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Comment on this article

  • Expose Feku, Mangalore

    Fri, Aug 31 2018

    chaiwala wont be able to understand that.
    the above statement is above is head

    DisAgree Agree Reply Report Abuse

  • Anthony Lobo, Mangalore

    Fri, Aug 31 2018

    BJP = Bunch of Jokers party

    Looks like there are more Rahul Gandhi(s) are in BJP with different names. The bakhts can not appetize one Rahul Gandhi how they can appetize so many Rahu and Kethus in BJP

    DisAgree Agree Reply Report Abuse

  • Sahil, Mangaluru

    Fri, Aug 31 2018

    Whatever you said solely i will agree but please bring back USD 40 against rupees and bring back earlier economy and bring back earlier fuel price I will vote for BJP.

    DisAgree Agree Reply Report Abuse

  • Sunil K, Mangalore

    Thu, Aug 30 2018

    NITI Aayog should be shut down and all the foolish staff should be sacked. If people were to be encouraged towards digital payments, then there are many simpler alternatives instead of the harsh method of demonitization which shocked every single Indian.

    The PM and FM have made a mistake and need to admit it rather than come up with silly excuses.

    DisAgree Agree Reply Report Abuse

  • Swamy, Mangalore

    Thu, Aug 30 2018

    With all said and done about demonitisation by you why rupee is losing ground and getting beaten against US dollar unabated???. Now as per your statement Indian rupee is clean white money its value should have gained considerably somewhere around Rs 35 against dollar. At the same time no growth in the economy, GDP is falling and no exports. Are you intentionally faking or are you totally ignorant about economy and finances???. But unknowingly you have revealed the truth saying " Demonitisation has slashed cash", rightly so, because there is No Business activities in the country and its a bitter true reality.

    DisAgree [1] Agree [9] Reply Report Abuse

  • Robotkem, Kemmannu

    Thu, Aug 30 2018

    DEMONETIZATION has DEMONised the CITIZENS of INDIA by these FANTASTIC..... , day by day. VERY PATHETIC!!!

    DisAgree [1] Agree [11] Reply Report Abuse

  • Philip, Mangalore

    Thu, Aug 30 2018

    Yek din mitron.. cash ke liye tarsoge.. jeb me card hoga... dhone ke liye cash nahin hoga..

    DisAgree [1] Agree [6] Reply Report Abuse

  • David Pais, Mangalore

    Thu, Aug 30 2018

    ಕಳ್ಳನಿಗೆ ಸುಳ್ಳ ಸಾಕ್ಶಿ.

    DisAgree [3] Agree [9] Reply Report Abuse


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Title: Demonetisation slashed cash transactions: NITI Aayog Vice Chariman



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