Wednesday, November 30, 2016
War on Black Money: Freedom at Midnight - By PR Ramesh
An aggregate Rs 16.4 lakh crore worth of notes are estimated to be in the economy’s circulation, of which the banned denominations account for around 86 per cent by value. According to RBI data, that is a total of some Rs 14.2 lakh crore, of which Rs 500 notes account for nearly Rs 7.9 lakh crore and Rs 1,000 notes add up to a little more than Rs 6.3 lakh crore. Compared with this, Rs 100 currency and notes of lower denomination add up to only around Rs 2.2 lakh crore. This meant that the impact on the ordinary citizen would be palpable.