According to RBI’s report, more than 90% of the black money hidden in the Indian economy has been accounted for.
Prime Minister Narendra Modi took the country by surprise when he banned old notes of Rs 500 and Rs 1000 on November 8, 2016. However, PM Modi’s master stroke has finally paid off as more than 90% of the black money has been recovered according to the Reserve Bank of India. The latest RBI report revealed that demonetisation has helped recover 90% of the black money and this stunning news has led to the legalisation of the old tenders effective from April 1, 2017. Starting Monday, people can claim their old Rs 500 and Rs 1000 notes with a copy of their Aadhar card and the cash deposit slip. This move has been termed as Remonetisation by PM Modi. This new move by the Prime Minister will come as a relief for many who have been struggling to find liquid cash.
The introduction of the Rs 2000 notes was more of a menace than help as finding change for the money was as difficult as finding an empty cab or rickshaw at peak timings. According to RBI’s report, more than 90% of the black money hidden in the Indian economy has been accounted for. This step is said to be immensely successful, and the central bank claims that some other secretive plans will recover the remaining money that Prime Minister Narendra Modi has. The path ahead to remove black money from the Indian economy is still unknown. However, the RBI governor, Urjit Patel, said that PM Modi has a plan as fool proof as demonetisation to curb the black money from our system. Mohan Bhagwat will be India’s 14th president! RSS Chief has been confirmed as next President of India.
The Indian economy is expected to grow in multiple folds as the old currency hit the market once again. The introduction of the new currency clubbed with the return of the old Rs 500 and Rs 1000 notes will increase the cash circulating in India, thereby giving the economy a boost. The high denomination notes of Rs 2000 will remain in circulation as of now. Considering there is no deadline to collect the old notes, it is expected that there will not be any long lines at banks in this phase of remonetisation!
Disclaimer: This news is completely a work of fiction that was designed to trick you! Considering it is April 1, we would like to congratulate you for successfully becoming an April Fool! Happy Fools’ Day!
Source: India.com, Pic(s): PTI & Millenium Post