देश

Economic reform leads to temporary slip in nation’s GDP, augers well for transparent and cleaner economy

Prime Minister Narendra Modi’s announcement of note ban on national television on November 8, 2016 had triggered an anxiety among people to which he had claimed saying that the move would attack black money, terror funding and fake currency.

Large currency denomination notes of Rs 1000, and Rs 500 were withdrawn and new currency notes of Rs 2000 and Rs 500 were introduced. Initially, the move was appreciated by a large section of people but a few criticised it as long queues outside banks and ATMs raised apprehension behind the motive. Even, a few people had lost their lives.

Now, what the people have achieved in last one year as the nation is going to observe the first anniversary of demonetisation.

In August, the Reserve Bank of India stated that Rs 15.28 lakh crore, or 99 percent of the junked 500 and 1,000 rupee notes, have returned to the banking system.

The RBI also submitted in its Annual Report for 2016-17 that only Rs 16,050 crore out of the Rs 15.44 lakh crore of the old high denomination notes have not returned.