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As RBI Says 99.3% Demonetised Notes Back in Banks, Mamata Hits Out at Modi Govt

Mamata Banerjee’s statement comes after RBI said that as many as 99.3 percent of the old Rs 500 and 1,000 notes that were banned overnight in November 2016, have been returned to the banking fore.

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Updated:August 29, 2018, 6:45 PM IST
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As RBI Says 99.3% Demonetised Notes Back in Banks, Mamata Hits Out at Modi Govt
File photo of West Bengal CM Mamata Banerjee. (PTI photo)
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Kolkata: Targeting the Modi government over demonetisation, Bengal Chief Minister Mamata Banerjee on Wednesday asked whether the entire thing was planned to help black money hoarders to quietly convert their stash into white money.

In a series of tweets, Banerjee said, “As soon as the draconian demonetisation was announced on Nov 8, 2016, I immediately sensed by intuition that this is a big anti-people measure. It will severely affect common people, especially, farmers, unorganized sector, small entrepreneurs, hard-working middle class.”

In another tweet, she wrote, “Today, the RBI in its annual report for 2017-18 has vindicated our apprehension. 99.3% of the money has come back to the banking system. My first question now is – where has the black money gone? My second question – was this scheme hatched to allow some black-money holders to quietly convert their black money into white?”

Mamata’s statement comes after Reserve Bank of India (RBI) said that as many as 99.3 percent of the old Rs 500 and 1,000 notes that were banned overnight in November 2016, have been returned to the banking fore.

“Of the Rs 15.41 lakh crore worth of Rs 500 and Rs 1,000 notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned. The "humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved,” RBI said.

State Finance Minister Amit Mitra, too, hit out at the Centre and said, “Unfortunately, today India is number one in the world in the worst case scenario with stressed assets of Rs 14.7 lakh crores.”
| Edited by: Sanchari Chatterjee
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