September 9, 2017

How much black money did demonetisation remove? RBI says it does not know

Depending on whom you ask, you will get different answers.

The Reserve Bank of India (RBI) has told a parliamentary panel that it has “no information” on how much black money has been extinguished as a result of demonetisation of Rs 500 and Rs 1000 notes.

Read more at http://www.livemint.com/Industry/4HcmOqr7An2Io8RZ1ib0xJ/Demonetisation-RBI-says-dont-know-how-much-black-money-was.html

The next source will be the Income Tax department but we will have to wait for their figures. I don't expect this figure to come out soon as it will take a lot of time. Notices have to be served, cases may go upto tribunals etc etc.


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