Fol­low­ing de­mon­eti­sa­tion, 1.5 lakh peo­ple de­posited ₹5 lakh crore: Ravi Shankar Prasad

The Hindu Business Line - - POLITICS -

Union Law Min­is­ter Ravi Shankar Prasad on Thurs­day re­vealed that based on the in­for­ma­tion re­ceived from banks, about 1.5 lakh de­pos­i­tors de­posited a to­tal of ₹5 lakh crore in bank ac­counts af­ter the de­mon­eti­sa­tion move on Novem­ber 8, 2016.

Re­spond­ing to former Prime Min­is­ter Man­mo­han Singh’s re­marks about the al­leged failure of the note-ban — he termed it a scheme to con­vert black money into white — Prasad said Singh had not done his home­work be­fore mak­ing “such ir­re­spon­si­ble com­ments”.

“The former Prime Min­is­ter doesn’t do proper home­work. Ev­ery de­posit that was made af­ter de­mon­eti­sa­tion was tracked. Af­ter de­mon­eti­sa­tion, 1.5 lakh peo­ple de­posited ₹5 lakh crore. In­ves­ti­ga­tion is un­der way on these ac­counts and ac­tion will be taken,” he told me­dia per­sons here.

Ac­cord­ing to an RBI re­port, the es­ti­mated value of the banned notes re­ceived stood at ₹15.28 lakh crore, out of ₹15.44 lakh crore that was in cir­cu­la­tion as on Novem­ber 8, 2016.

Singh has of­ten raised ques­tions on the de­mon­eti­sa­tion de­ci­sion. “Af­ter de­mon­eti­sa­tion, 99 per cent of the de­mon­e­tised cur­rency re­turned to banks. It is clear that all the black money got con­verted to white and cor­rup­tion con­tin­ues to flour­ish,” he had said in Ra­jkot ear­lier in the day.

Prasad termed the gov­ern­ment's move a sur­gi­cal strike on shell com­pa­nies as 2.24 lakh com­pa­nies were struck off. “Many of these com­pa­nies were found to have more than 100 ac­counts and have de­posited and with­drawn large amounts of dur­ing de­mon­eti­sa­tion,” he said.

ZY MAN­MO­HAN SINGH YZ

“It is clear that all the black money got con­verted to white and cor­rup­tion con­tin­ues to flour­ish.”

ZY RAVI SHANKAR PRASAD YZ

The former PM doesn’t do home­work. Ev­ery de­posit made af­ter de­mon­eti­sa­tion was tracked.

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