NaMo says DeMo hit stash; RBI says no info

New Delhi: The RBI has told a parliamentary panel that it has "no information" on how much black money has been extinguished as a result of demonetisation in contrary to the claims made by the Union government about the black money.

It may be mentioned here that Prime Minister Narendra Modi, while demonetizing Rs 500/1000 notes on November 8 last year, said the noteban would unearth black money and, in continuation to that, he told the countrymen while delivering the Independence Day Speech from the ramparts of the Red Fort that the government had unearthed black money worth Rs 1.25 lakh crore.

“The culprits would be brought to book and would be forced to surrender,” he thundered proudly. The PM said the hidden black money has been brought into the formal economy and “we achieved success in completing the task.”

But the RBI, stating that an estimated Rs 15.28 lakh crore in junked notes have come back "subject to future corrections based on verification process", has categorically said that "no information" whether demonetisation is being planned to be implemented at regular intervals.

Last week in its annual report, the RBI finally made public the details of the junked notes that have come back into the system putting the figure at Rs 15.28 lakh crore. The same figure has now been shared with the Parliamentary Standing Committee on Finance.