According to the Reserve Bank of India, 99% or 15.24 lakh crore of the junked Rs 500 or Rs 1000 notes are back in the banking system, on Wednesday. Only rs 16,050 crore has not been collected and the centre see this is a step forward in curbing of black money.
This has led the opposition to comment on the efficacy of demonestisation in curbing black money.
Former Finance Minister, P Chidambaram is wondering whether, “demonestisation was a scheme designed to turn black money into white”.
The Centre has revealed that now the work of banks is done and the Income Tax department will have to account the abundance of fundsfrom the said taxpayer, incase of any abnomalies.