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LATEST NEWS UPDATES | Demonetisation achieved objectives quite substantially: Government

Demonetisation achieved objectives quite substantially: Government

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published Published on Aug 30, 2018   modified Modified on Aug 30, 2018
-PTI

New Delhi: The government said demonetisation of high-value currency notes in November 2016 achieved the objectives “quite substantially” even as the Reserve Bank of India reported most of the demonetised currency was back with the banks. The RBI annual report released on Wednesday said 99.3% of Rs 500 and Rs 1,000 junked notes came back to banks.

“I think demonetisation has achieved its objective quite substantially,” economic affairs secretary Subhash Chandra Garg said in reply to a question in this regard on Wednesday.

Garg said objectives of the note ban like checking black money, terror financing, promoting digital transaction and weeding out fake currency notes have been achieved.

Over the last one year and 10 months, there has not been a single high quality fake note in the system as a result of a new security feature in notes, Garg said.

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The Economic Times, 29 August, 2018, https://economictimes.indiatimes.com/news/economy/policy/demonetisation-achieved-objectives-quite-substantially-government/articleshow/65598473.cms


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