5 important

numbers from

demonetisation

On November 8,

2016, the Indian

government decided

to scrap Rs 500 and

Rs 1,000 banknotes.

The demonetisation

drive had a massive

impact on the Indian

economy.

So, here are five

important numbers

you should know.

#11) 1,54,40,00,00,00,000

Currency notes worth Rs

15.44 lakh crore were

frozen overnight.

That amounts to 86% of

the total currency that

were in circulation.

This was done to tackle

black money and push

digital transactions.

#22) 99% About 99% of the old

currency notes made its

way back into the banking

system.

People put the old

currency back via bank

deposits by December 31,

2016.

The government had

expected a lot less

amount to come back into

the fold.

They thought the

demonetisation drive

would make unaccounted

money redundant.

#33) 7,965 crore

Post demonetisation, the

RBI spent Rs 7,965 crore

to print new currency

notes.

In the previous year, the

cost of printing new notes

was Rs 3,421 crore.

This resulted in a 133% rise in printing costs.

#44) 56 lakh

The number of new tax

payers in the country

shot up by 25.3%

That amounts to 56 lakh

new taxpayers in 2016-

17.

The government aims to

further widen the

country’s tax base.

#55) 488%

Number of suspicious

transactions increased

from Rs 1.06 lakh in

2015-16 to Rs 4.73 lakh

in 2016-17.

That is a whopping 488%

increase in suspicious

financial transactions.

As many as 17.92 lakh

individuals have been

identified for making

shady deposits.

Conclusion

Various data suggest that

the demonetisation has

been a mixed bag.

However, 12 months may

be too soon to evaluate

its total impact.