Friday, December 12, 2025 | 01:06 AM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Lots of black money back in the system, says Jaitley a day after RBI report

The Finance Minister also backed the Modi government's drive to merge state-owned banks

Finance Minister Arun Jaitley
premium

Finance Minister Arun Jaitley

Arup Roychoudhury
A day after the Reserve Bank of India’s annual report stated that 99 per cent of high-value demonetised notes had come back into the system, Finance Minister Arun Jaitley reiterated his note ban defence and said that illegitimate, unaccounted wealth had also found its way back.

“It was clear that overwhelmingly large amount of black money has come back into the banking system, something that was of consequence to us in the government,” Jaitley said at an event organized by The Economist in New Delhi on Thursday.

“As demonetisation progressed and the monies were deposited it was quite clear that