Return of scrapped notes endorses success of note ban: Goyal

Power Minister Piyush Goyal today said that the return of 99 per cent of the scrapped notes of Rs 500 and Rs 1000 into the banking system is a "great endorsement" of the success of demonetisation.
The minister said it is also the reflection of the government's fight against the corruption and black money.
According to the RBI as much as 99 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system and has prompted the opposition to question the efficacy of the government's unprecedented note ban decision to curb black money and corruption.

"The fact we have been able ...To get all the money back into the system is a great endorsement of the big fight that the government has picked up against the black money, against corruption... I think it is a great endorsement of the success of demonetisation," Goyal said.
The minister further said the government is moving towards the path of honest governance unlike the previous Congress regime which had "encouraged people to indulge in corruption and do business by unethical means."
He said that the opposition Congress "cannot understand a simple thing that money coming into the bank will help spur the economy and will pay back.