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RBI, I-T to decide how much of demonetised currency was black money: Naidu

Naidu also said the world must come together and put in place arrangements for handing over fugitives

Press Trust of India  |  New Delhi 

Vice-President M Venkaiah Naidu
Vice-President M Venkaiah Naidu | Photo: PTI

M Venkaiah on Monday said the "entire money" has come back to the through demonetisation, and now it was up to the RBI and the to identify how much of that is and how much is white.

In his address at an international conclave on human rights here, he also said the world must come together and put in place arrangements for handing over fugitives.

As much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, the RBI had said late August, indicating that just a miniscule percentage of demonetised currency was left out of the system after the note-ban aimed at curbing and corruption.

"targeted kept by people in the country. Entire money has come back to the Criticism are bound to be there. But, I feel it is the correct thing...that is what I think was the purpose (of the exercise)," said.

"People who had stashed away money in bedrooms, bathrooms, fridges returned it, with address...And, now it is duty of the Reserve Bank of India and the I-T department to identify whether that money is black or white, how much is accounted or not accounted," he said.

Of the Rs 15.41 trillion worth Rs 500 and Rs 1,000 notes in circulation as on November 8, 2016, when the note ban was announced, notes worth Rs 15.31 trillion have been returned.

This meant just Rs 107.2 billion of the junked currency did not return to the

He also said, "Entire world must move towards having accountability of money, it is causing problems... Entire world must come together and have arrangements for handing over of fugitives who run away, countries must have exchange of treaty, and the UN should work on it, so there is exchange of information."

After the note ban, old junked notes, called specified bank notes (SBNs), were allowed to be deposited in banks with unusual deposits coming under income-tax scrutiny.

First Published: Mon, October 01 2018. 22:40 IST