Reserve Bank of India and the Central Government is still silent about the Black Money that is unearthed with the recent Demonetization. But then official estimations say almost 97% of the Demonetized Notes are back into the Banks. According to an estimate, 14.97 Lakh Crores of the total 15.6 Lakh Crores were deposited in Banks.
The government initially expected to save at least 5 Lakh Crore by the Demonetization. The saved 43000 Crore is nothing but peanuts when compared to the dented economic growth. Also, the demonetization has forced millions into lengthy bank queues which are continuing even after the December 30th.
But then both RBI and the Central government can not hold back the data for a long time. As and when they declare, Opposition parties will pounce on the ruling party and it may be a setback for BJP in the upcoming state elections if Opposition is successful in convincing the people that Modi troubled them for no reason.
Several Private indicators say that at least Two Lakh Crore economy was hurt due to the cash crunch and it is threatening to strip India of its position as one of the world’s fastest-growing major economies. Lets where this financial mess finally ends!