RBI governor Urjit Patel was summoned by Parliamentary committee on Finance, headed by Veerappa Moily, on the issue of outcome of Modi’s flagship idea ‘Demonetization’. There are statements from BJP leaders about the benefits of demonetization which is obviously not the actual state of affairs in the society.
The objectives of demonetization were curbing black money, digital payments, counterfeit currency, etc. Head of world’s largest democracy had failed to understand that most of the black money will be in the form of gold and benami property which is why we will not be able to see any benefits from demonetization.
All said and done about failed attempt in the form of demonetization but the hilarious issue is that RBI is still trying to count the amount that has come back after demonetization. “Special team is working round the clock and still counting notes”, is what Urjit Patel told the parliamentary committee.
The question that arises is how can country’s topmost bank still unable to find the exact amount that has flown back to the banks. Is it not hilarious to laugh at? Or Is Urjit Patel making these rhetoric statements to protect Modi and Arun jaitley who anchored demonetization.