Published On : Sat, Sep 1st, 2018

Demonetisation is the biggest scam independent India has ever witnessed and BJP is changing goal posts to escape its failures.

RBI says 99.3% of the demonetised currency is back with it. Out of ₹15.42 lakh crores of total worth of high value currency notes which were into circulation, currency worth ₹15.31 lakh crores returned back to RBI. Only an amount of rupees only 0.7% or ₹10700 crores demonetised currency did not return to the system.

This 99.3% of of demonetised high value currency does not include currency which the Indian government has refused to accept from Nepal and Bhutan and the RBI has refused to accept from the Co-operative banks operating in India. So also there are several elderly people in India who still have these old 1000 and 500 rupee currency notes which they could not deposit in their account within the deadline of RBI as they found this money, which was hidden by them for some emergency purpose and they forgot about it. There are many NRI’s and Indians residing abroad who have some small or Big amount of this demonetised currency, either with them or in their locked houses or in lockers which they couldn’t come to India for getting it exchanged.

I personally know some of such people and I bet everyone of us know some of them. If all the demonetised currency which I have stated above is allowed to be taken back by the RBI, I am sure it would be much more than 100% that is the amount which the RBI will receive after demonetisation will be much more than ₹15.42 lakh crores i.e. The total amount of demonetised currency which was earlier into circulation.

Have we ever given a thought as to why it took more than 18 months for the RBI to declare the exact amount of the demonetised currency which they received back. With virtually every bank now being computerized it would have been a matter of a click of a button to ascertain the entire amount which the RBI received back post demonetisation.

Practically every businessman knows that even after the deadline of getting the old demonetised currency exchanged from the RBI, there were few agents who were claiming that they could getting the notes exchanged on hefty Commission. Everyone in Nagpur knows the case in which 97.5 lacs old currency was seized from a flat in Rana apartment Mankapur in the month of August 2017 i.e. much later then the deadline to get the demonetisation of currency exchanged.


Later in the case there were arrests from Mumbai and Ahmednagar. However after the arrest of the kingpin who was to disclose the names of people from the Government and the RBI offices, the matter was brushed under the carpet. This goes to show that even after the deadline people in Government, in connivance with senior level RBI offices were getting banned notes exchanged.

Recently in the month of June 2018, it was exposed by way of an RTI reply from the RBI, that the Ahmedabad District Cooperative Bank of witch BJP President Amit Shah was the chairman and is currently the director, exchanged currency worth ₹745.58 crore within five days of Prime Minister Narendra Modi announcing demonetisation in November 2016. This was the highest amount exchanged by a single district cooperative bank in the entire country.

It was also revealed in an RTI reply received from the National Bank for Agriculture and Rural Development (NABARD), that in 11 district cooperative banks in Gujarat headed by BJP leaders, as much as ₹3,118 crore worth of old notes were deposited within five days after demonetisation.

This case got exposed because of an RTI reply. There may be thousands of such cases in BJP ruled states which will never come forward. From these cases of Amhadabad District cooperative bank and other cooperative banks in Gujarat headed by BJP leaders, we can asses the gravity of scam, Pan India level.

Despite RBI’s latest report, BJP and it’s followers are still not ready to accept that #Demonetization was a blunder. They are still busy in justifing and counting it’s benefits. Despite destroying and ruining the flourishing Indian economy, BJP still wants to portray to general people that the country got benefitted out of demonetization. For that they have changed several goal posts. The Primarily the reasons enumerated by Mr. PM while announcing this blundourous step was to 1. Remove all the #Black_Money from the system, 2. End #Corruption and break the back bone of the corrupt people. 3. Remove #Fake_Currency from the system. and 4. #End_Terrorism and Naxalist as the entire funding would end.
Now coming to the point on what have we achived through the primary targets enumerated by out PM for demonetization.

#BlackMoney:- It was claimed by our Prime Minister that about 3 lakh crores of Black money will never come back but the reality is exposed by this RBI report.

#Finish_Terrorism:- It was also claimed that it will break the backbone of terrorists and Naxalites as the financing would end. Needless to say anything as both are on rise.

#Finish_Counterfeit_Currency :- The claim of counterfiet currency was also proved to be a fake one as after demonstration there is a significant rise in the incidents of indentifiation of fake currency notes ie. 7.6 lakh notes as compared to 6.3 lakh notes prior to which were reported prior to demonetization.

#Finish_Corruption :- Those who live in India are witnessing day in and day out that the corruption has increased in many folds. Infact it has become a new normal in India.

It was the calculation of Mr. PM that a huge amount of 3 lakh crores to 5 lakh crores will not come back to the system. He assured the common people of this country that those corrupt people having huge amount of cash with them would be unable to exchange it. There were several rumours at that time that those who have amased a lot of black money were burning their cash, people destroying their cash etc etc. As the deadline to deposit the money came near the Mr. PM knew that his calculations have miserably failed and therefore he shifted his goal post to #Cashless_India. But entire calculation collapsed when reports came that 99% cash came back to RBI. Then the goal post was shifted to #Digital_India.

With passage of time it as cash shortage ended both Cashless and Digital India too disappeared.

Thereafter the goal post shifted to shell companies and it was claimed by Mr. PM that Income Tax notices have been issued to such companies and their accounts have been freezed and in future an amount of 3 lakh crores of Black Money will be recovered from such companies. He claimed that several shell/bogus companies have been identified and they have been deregistered and income tax notices have been sent to them and about 3 lakh crores would be recovered from such shell companies was also exposed to be a false claim.

As per the Income Tax Department in the year 2016-17 the total undisclosed income unearthed by the Income Tax Department was ₹ 13,175 Crores which is almost equivalent to the average every year. The Income Tax Department conducted 5102 raids across India and discovered about ₹15,496 Crores of undeclared income which is nowhere near to the 3 lakh crores as claimed by our Prime Minister. These undisclosed and undeclared income is of course subject to the result of Court cases which where filed by the assessee in the court and tribunals.

Now again BJP has shifted it’s goal post to increase in people filing IT returns. BJP is comparing the figures with 2013-14 figures. However it is worthwhile to mention here that there is a steady increase in the people filing IT returns since 2010-11 and the growth is steady showing no phenomenal increase only after demonetisation.

What demonetization really did to India is that entite India was forces to stand in long queues and this stupid, unplanned and whimsical dicision of our Prime Minister took the lives of over 100 innocent people. One foolish step has ruined the florishing economy of India and rendered lacks and crores of people jobless. Several Small scale and Medium scale Industries were forced to close down.

Unorganised sector suffered the most as it got paralyzed and has suffered a never healing permanent Injury which resulted in 1.5% fall in GDP which is translated in terms of money would be about 2.25 lakh crores of loss per year. Apart from this the Indian government suffered a huge loss in terms of dividend which it gets from the RBI every year. Due to demonetisation the dividend given by RBI, which was about ₹65,876 crores in 2015-16 was reduced to ₹30,659 crows in 2016-17 that is post demonetisation. This resulted into a direct loss of revenue to the tune of more than ₹35000 crores.

This is why I am saying that demonetisation is the biggest scam independent India has ever witnessed. The Prime Minister should be held sole responsible for this decision which led to this blunder. He is fully aware that he hasn’t achieved the goals as he had stated at the time of demonization and hence he keeps on shifting the goal post. Mr. PM did demonetization only to benefit his close Industrialist friends to convert their huge black money into white money through back channels and also in view to benefit BJP in UP assembly elections. So Mr. PM “No Ullu banaving.” Now people have understood ur gimmicks.