Demonetisation costed India as much as Rs 2 lakh crore. People faced lot of hardships due to cash crunch but eventually the bold move of PM Narendra Modi ended up as a historic failure.
RBI scrapped old Rs 500 and Rs 1000 notes amounting to Rs 15.44 lakh crore on November 8th last year. As much as Rs 15.28 lakh crore reached the banking system. Which means, The margin of profit is just Rs 16,000 crore for such a massive operation.
Reserve Bank of India spent Rs 30,000 crore for the exercise of replacing banned notes with new currency. Printing of new notes costed Rs 7,965 crore. For the recalibration of the ATMs to dispense new currency increased the burden by another Rs 10,000 crore. As the cost increased, RBI reduced the dividant offered to Centre by Rs 35,221 crore.
To create awareness about Digital Transactions, Centre and State Governments have spent over Rs 10,000 crore. After note ban, GDP fell to three years low of 5.7 percent, which eventually costed Rs 1.3 lakh crore. Thousands of people lost their jobs because of this reform implemented in a hasty manner.
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