New Delhi, Aug 30: The Government on Wednesday claimed that its decision of demonetising old notes of Rs 500 and Rs 100 to curb black money among others, was successful to a greater extent.
The Centre said this shortly after the Reserve Bank of India said in its annual report that old notes of Rs 500 and Rs 1,000 worth Rs 15,310.73 lakh crore has returned to the banking system. Prior to the ban on November 8, 2016, the bank notes of Rs 500 and Rs 1,000 for a value of Rs 15,417.93 lakh crore were in circulation.
Department of Economic Affairs Secretary SC Garg told reporters here that the main objectives of the ban were to control black money and terror financing, promote digital transactions, and eliminate fake notes from circulation and almost all purposes have been achieved.
He said notes worth Rs 10,000 crore were still out of coffin.
He said a law declaring the ban on demonetised banknotes in the country has been enacted by the government, but people abroad do not have such a law for old notes.
Mr Garg said after the ban, there was a rapid increase in digital transactions and now, there are 25 crore transactions a month on the UPI.
