New Delhi: On the eve of the first anniversary of demonetisation, banning of Rs 1,000 and Rs 500 notes by PM Modi, there have been mixed reactions from economists, analysts, corporate honchos and politicians. Modi had said that the decision would help remove black money from the system, rein in terrorism and take fake currency out of circulation. However, a year after the ban, it has raised more questions than it has answered. Here is all you wanted to know about demonetisation.
ONE YEAR OF DEMONETISATION
DEMONETISED CURRENCY
- Aug 29, 2017: RS 15.28 lakh crore (Back in the system)
- Dec 8, 2016: RS. 15.44 crore
(Source: RBI annual report for 2016-17)
CURRENCY IN CIRCULATION
- Oct 13, 2017: RS. 16.18 trillion (90% OF 2016 LEVEL)
- Nov 4, 2016: RS. 17.97 trillion
DIGITAL PAYMENTS
TOTAL PoS MACHINES
- Sept 2017: 29 lakh
- Oct 2016: 15.11 lakh
(Source: RBI Monthly Data)
CREDIT CARDS
- Sept 2017: 23.33 crore
- Oct 2016: 2.73 crore
(Source: RBI Monthly Data)
DEBIT CARDS
- Sept 2017: 82 crore
- Oct 2016: 74 crore
(Source: RBI Monthly Data)
NO. OF DEBIT CARD TRANSACTIONS (@ATMs)
- Sept 2017: 71.78 crore
- Oct 2016: 80.20 crore
(Source: RBI Monthly Data)
NO. OF DEBIT CARD TRANSACTIONS (@PoS)
- Sept 2017: 26.52 crore
- Oct 2016: 14 crore
(Source: RBI Monthly Data)
M-WALLET
- Oct, 2017: 72.72 lakh
- Nov, 2016: 46.03 lakh
ITR FILING
- Till August, 2017: 28.2 MILLION
- Till August 2016: 22.6 MILLION
INTEREST RATE
- Aug 2017: 6:00
- Oct 2016: 6.25
INDUSTRIAL OUTPUT
- Sept 2017: + 5.2%
- Oct 2016: - 1.8%
(SOURCE: Ministry of Statistics and Programme Implementation)
MANUFACTURING
- Aug 2017: 3.1%
- Oct 2016: 5.5%
(SOURCE: Ministry of Statistics and Programme Implementation)
INFLATION (RETAIL)
- Sept 2017: 3.28%
- Oct 2016: 4.2%
DOMESTIC CAR SALES
- Sept 2017: 3,09,955 UNITS
- Sept: 2016: 2,78,428 UNITS
(Source: Society of Indian Automobile Manufacturers (Siam)
INTEREST RATES (HOME LOANS)
- Oct, 2017: 8.30 - >10%
- Oct, 2016: 9.10 - >10%
STOCK MARKET (BSE SENSEX)
- Nov 3, 2017: 33,686
- Nov 8, 2016: 27,591
PETROL PRICE
- Nov 3, 2017: 72.4375/ L
- Nov 6, 2016: 69.7475/ L
# Average price of 4 metros
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UNEMPLOYMENT BLUES (2016-17)
Jan-Apr 2016: 40.1 cr
May-Aug 2016: 40.3 cr
Sep-Dec 2016: 40.65 cr
Jan-Apr 2017: 40.5 cr
(Source: Centre for Monitoring Indian Economy)
COST OF CURRENCY RECALL
About Rs 1.28 lakh crore - Estimated transaction cost of demonetisation (total cost of note ban exercise)
- Est. Rs 61,500 crore (48% of the total cost of the exercise) - loss to business due to reduced consumption.
- Est. Rs 35,100 crore – loss to banks as other business activities will come to halt due to note ban exercise.
- About Rs 15,000 crore – loss in forgone wages due to time wastage of people standing in queue.
- Est. Rs 16,800 crore – loss to RBI/ Govt largely because of printing of new currency and transportation of new currency to bank branches, ATMs and post offices.
# Centre for Monitoring Indian Economy (CMIE) estimates
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PM MODI'S CHANGING NARRATIVE OF DEMONETISATION
Nov 8, 2016
PM Modi's address to the nation
- "There is a need for a decisive war against the menace of corruption, black money and terrorism...festering wounds which make the country and society hollow from within."
Nov 13, 2016
PM Modi's speech in Panaji
- "I know what kind of powers I have taken on. I am aware they will not let me live. Let them do what they want... Brothers and sisters give me 50 days."
Nov 28, 2016
PM Modi's 'Man Ki Baat' address
- "Our dream is that there should be a cashless society. This is correct that 100 percent cashless society is never possible. But we can make a start with less-cash society, then cashless society will not be a far-off destination."
Dec 3, 2016
PM Modi's at Moradabad rally
- "You have a phone, and your phone is your wallet. You don't need to withdraw money from ATMs. You can buy what you want from the money in your account through your phones."
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