15 Lakh Crores To Go Worthless!
Modi Decision Makes 15 Lakh Crores Go Useless
Narendra Modi’s surgical strike on black currency by demonetizing Rs. 1,000, 500 notes and issuing new Rs. 2,000, 500 bank notes isn’t going to be an easy task for Banks and Government. As per a report, this would leave around Rs .15 Lakh Crore go worthless.
There are 16.5 billion Rs. 500 notes and 6.7 billion Rs. 1,000 notes printed by Rbi are in the market circulation. Scrapping all these and bringing new notes within 50 days time will be a tedious and impossible task. Much to surprise, 40 percent of these notes came into usage in between 2011 and 2016 with Rs. 500 denomination roused by 76 per cent and Rs. 1, 000 denomination notes increased by 109 per cent in this period.
During this infusion of new Rs.2, 000 notes into market monitored and regulated by Rbi, early estimates say that 15 Lakh Crores may go useless. Apart from India’s Black turning into White, there will be heavy draining in parallel.