Demonetisation Ke Side Effects: How Would We Spend All that Black Money?

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Demonetisation Ke Side Effects: How Would We Spend All that Black Money?

Illustration: Shruti Yatam

T

he highly sophisticated super-speed currency verification and processing system deployed by RBI two years ago, has finally completed counting, verifying and shredding old 500 and 1000-rupee notes. The outcome of this humongous exercise is there for all to see – over 99 per cent of the old currency notes have returned into the system, while about ₹10,720 crore of “black money” never returned.

While that figure should have ideally been much higher, losing ₹10,000 crore is not a small amount of money for a country like India, where per capita income depends entirely on the number of coaching classes in your area. However, given the government’s track record, we can only assume that if we had this notional sum, it wouldn’t matter, since it would be spent in the following ways.

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