Did Demonetisation Help? Digital Payments Back To Pre-Notes Ban Levels | Read
As the opposition scaled up its attacks on the government after the Reserve Bank of India revealed that only 1 per cent of demonetised currency did not return to the system, the government appears to have shifted the goalpost. The Reserve Bank of India's report estimated that nearly Rs. 15.28 lakh crore of the Rs. 15.44 crore sucked out of circulation by PM Modi's announcement, had returned to the banking system. This implied that people holding unaccounted cash, who government leaders had insisted were spending sleepless nights, had managed to beat the system.
