Dear Editor,
RBI said it is all but 1.4 per cent of the specified bank notes have come back into the banking sector post demonetisation. But the question remains unanswered whether black money figured out from the system. Theopposition started commenting it a colossal failure. FMArun Jaitley still felt it as positive impact. Deposit currency into bank does not mean they are legal tender. The aftermath effects are yet to be established.
The windfall gain by RBI was never an objective. While it has not yielded immediate gain but led to increase of current account savings account deposit. That enhanced liquidity position of the banks and utilised it tobring down lending rates. A million pieces of counterfeit currency notes have been eliminated in one stroke. The financial inclusion of government flagship programmeJan Dahan Accounts is now fulfilled. Lakhs of shell companies have been unearthed. A half crore of new tax payers has submitted ITR this financial year thereby collecting higher tax. Real estate price go down.
The objective was to formalisation of economy, attack on black money, blow to terrorism, money laundering, aspeed breaker for corruption and expand digitisation. The trade and business with Pakistan has come under scanner of NIA. The biggest ever tax reform GST comes into effect. The more is yet to come. Hope this will makeIndia a stepping stone to world superpower in economy in the long run.
Yours.
Kamal Baruah,
Rukminigaon