Austin wrote:RBI Annual Report: Only Rs 16,000 Cr Didn’t Return; Govt Spent Rs 8,000 Cr In Printing New Notes
https://swarajyamag.com/insta/rbi-annua ... -new-notes
Thats from swarajyamag trying to sugarcoat it. The reality is much worse. There has been reduction of RBI dividend to govt by 35,000 crores. In addition because banks have been flooded by deposits and no uptake of loans and are liable to pay interest on those deposits, govt had to rescue them to the tune of thousands of crores. Ministry of Finance took the hit and wont show in RBI accounts. Growth in tax collections slowed down despite govt furiously spinning lies.
Over and above that is hit to economy - a hit of 1.5% (still counting) which amounts to 1.8 lac crores annualized rate. Note this is just formal economy which govt can count - the informal economy hit is much larger.
Over and above this and which is probably the worst part unleashed by these clowns - human suffering, indignity of dragging upright citizens to huge lines to protect their own hard earned money, deaths, stalled weddings, children unable to perform rites for their dead parents, diseased having to post pone health care, loss of jobs, loss of business. Not a single apology or compensation form the govt - instead we got giggles that "Indians always died like flies ..let them die once again for the glory of the ritual cleansing of demonetization" .
But no outrage from this forum.
Over and above all is the shameless political manipulation of the tragedy by the govt to score political points. Despite the fact that bankers started serving rich for bribes within a day and almost every gully banker doing it, the govt did nothing other than a few token suspensions. Instead it went after political opponents like AIADMK to weaken their hold on TN govt. The depths to depravity is unbelievable.