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Niti Aayog Ex Vice-Chairman’s “Mixed” Report Card



New Delhi:

Rajiv Kumar, former vice president of government think tank Niti Aayog, today issued a mixed report card on the 2016 note ban, the Supreme Court, which upheld the note ban in ruling 4-1, ignored the question, saying whether the objective of the overnight ban was achieved was “irrelevant”.

However, Mr. Kumar told NDTV that he doesn’t think the ban on banknotes has achieved all it has to offer. The only positive thing is digitization, he said.

Mr Kumar told NDTV in an exclusive interview that the results of the note ban were “quite mixed”. “Because of the nature of our economy, the unorganized sector of our economy, a large portion of our economy is running on cash, large sectors like construction, etc. efforts to eliminate the cash economy or black money, etc., I don’t I don’t think it will be achieved,” he added.

While announcing the ban on notes in November 2016, Prime Minister Narendra Modi made it clear that the ban was part of a larger plan to curb black money and therefore terrorism.

But six years later, there are far more counterfeits in circulation than in 2016.

The value of the total currency in March this year increased by 89% to Rs 31,05,721 crore, compared with Rs 16,41, 571 in March 2016, the Finance Ministry told Parliament today.

According to data shared by the ministry in Lok Sabha today, the volume of currency in terms of the number of bills in circulation has increased by 44%, reaching 1.30,533 million in March 2022.

Meanwhile, the value of digital payments has increased from Rs 6,952 billion in 2016 to Rs 12 lakh in October 2022.

The majority ruling from the highest court today affirmed that the government has the right to cancel the banknotes of all series and proper procedure has been followed while banning the Rs 500 and Rs 1000 denominations. in 2016. The court said the decision had passed a test of proportionality – meaning it was a reasonable way to root out black and counterfeit money. The judges said the 52-day deadline given to exchange notes was not unreasonable.

In a strong objection, Judge BV Nagarathna said the ban on the note was “violent and illegal”.

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