Why is the Centre hiding so many demonetized notes, question Congress and TMC

Opposition Congress and Trinamool Congress today sought to know from the government why it was "hiding" the number of old 500 and 1000 rupee notes that have been deposited in banks post-demonetisation.

Participating in a debate in the Lok Sabha on Companies (Amendment) Bill, 2016, K V Thomas (Cong) said eight months have passed since demonetization but the Reserve Bank is saying it is counting the number of notes which have been deposited between November 10-December 30.

Trinamool Congress MP Sougata Ray too raised the issue saying: "We have been wanting to find out... Till today the RBI Governor has not been able to say how much money was deposited post-demonetisation".

Thomas said the government, while making the announcement of demonetisation, had said that it will help in tackling black money, terrorism and fake currencies.

"Eight months have passed... How much money has come back? Why is the government hiding it? The Parliamentary Committee has called the RBI Governor many times and he says 'we are still counting'... It shows economically where we stand," said Thomas, a former minister.

Prime Minister Narendra Modi had on November 8, 2016, announced demonetisation of old 500 and 1000 rupee notes and had asked the holder of such notes to deposit in banks in the 50-day window till December 30.

It is estimated that old currencies worth over Rs 15 lakh crore was removed from circulation through the demonetisation.

However, the government had said RBI has to count the actual number of such currencies deposited during the period after verifying the numerical accuracy and authenticity.