New Delhi, May 23, 2017: After assisting the government in printing and transporting new currency notes, the army will now help with the disposal of old notes that went back to the banks after demonetisation.
According to army sources, the government has asked for “15 teams from the army for currency verification”. However, the official did not reveal the exact number of soldiers to be involved in the task.
It was also not clear what method of disposal was to be used. “The deployments will be completed by May 26,” an official said.
The official denied that army soldiers were to guard the Reserve Bank of India (RBI).
According to information provided by the government in a written reply to Lok Sabha, on the day demonetisation was announced, there was around Rs 8,58,253 crore in currency notes of Rs 500 and Rs 6,85,782 crore in Rs 1,000 notes.
While the RBI has not released any figure on how much of the old currency notes have come back to the banks, it is estimated that around Rs 15 lakh crore has been returned. This is around 95 per cent of the old Rs 500 and Rs 1,000 notes that were in circulation.
Post-demonetisation, as new notes of Rs 500 and Rs 2,000 were printed, the Indian Army was called to assist at the banknote printing presses due to the shortage of personnel to man the facilities round the clock.
Indian Air Force had transported over 600 tonnes of new currency after demonetisation, using its C-130s and C-17 aircraft.
On November 8, 2016, Prime Minister Narendra Modi had announced the spiking of higher value notes of Rs 500 and Rs 1,000. (IANS)
New Delhi, November 8, 2017 : On November 8 2016, every Indian citizen sat glued to their TV screens as Narendra Modi was set to make a big announcement. Outcome? The Indian Prime Minster shocked the entire nation with the introduction of Demonetisation, a move that was to change the very foundation of the cash-dependent Indian economy.
The much-debated move by Modi garnered the attention of several well-versed economists from the country and abroad, alike. While some people willingly welcomed the move, there were others who stood in staunch criticism.
As the move completes its first year, the Bharatiya Janata Party (BJP) is set to observe November 8 as ‘anti-black money day’ to celebrate Demonetisation anniversary in the country.
On the eve of the Demonetisation anniversary, the BJP released a cheeky video claiming to depict how ‘corrupt’ politicians have been criticizing the move, as the nation won following demonetisation.
In the video, the BJP attempted to take a dig at corrupt politicians, who have been criticizing PM Modi’s Demonetisation move.
In the video, a woman, playing the character of a frustrated, corrupt politician can be seen going on a rant over PM Modi’s note ban initiative, which was aimed to combat black money, corruption, fake currency and terrorism.
The video ends with a voice-over saying demonetisation has not only brought out this frustration of corrupt citizens, but also black-money, claiming that almost 99 per cent cash which was previously lying hidden with people has now entered the banking system.
The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.
Ahead of the Demonetisation anniversary, the last few days have witnessed several leaders present their opinions on PM Modi’s demonetization move.
Finance Minister Arun Jaitley called PM Modi’s note ban initiative a ‘watershed moment’ while Piyush Goyal, Minister of Railways believes the move has pushed India towards a more transparent economy.
However, the move is being criticized by ex-Prime Minister Manmohan Singh calling it ‘irresponsible’. The opposition maintains that PM Modi’s note ban initiative has caused reckless damage to the country and the Indian economy.
On Demonetisation anniversary, the BJP is set to observe November 8 as ‘anti-black money day’, while opposition leaders are set to observe the day as ‘black day’ in protest against the note ban initiative.