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Demonetisation: India's scrapped notes can take you from Chandni Chowk to China

3,480 km or roughly the distance between Delhi and Beijing, Chandni Chowk and China. That is what you get when you physically stack up the dead currency - 16.5 billion Rs 500 notes and 6.7 billion Rs 1,000 notes in circulation when demonetisation was announced.

Mail Today Bureau | December 12, 2016 | Updated 10:38 IST
Demonetisation: India's scrapped notes can take you from Chandni Chowk to China

The last 30 days have been a blazing blur of heated debates, economic punditry, winding ATM queues, furious swiping of cards and the fading colour of cash. While the talk around one of the world's most radical financial moves will likely go on for years, Mail Today presents some fascinating numbers & factoids it has thrown up.

  • 3,480 km: Roughly the distance between Delhi and Beijing, Chandni Chowk and China. That is what you get when you physically stack up the dead currency - 16.5 billion Rs 500 notes and 6.7 billion Rs 1,000 notes in circulation when demonetisation was announced.
  • Rs 13,860 crore:  Maximum unaccounted wealth declared by Ahmedabad-based realtor Mahesh Shah who claimed he was just a face for money belonging to others. The 67-year-old said he did not have any black money. The claim by Mumbai's Razzaque family of Rs 2 lakh crore has been prima facie brushed aside by the authorities.
  • Rs 31,000 crore: Deposited in Jan Dhan accounts in the first 13 days of demonetisation. This forced the government to announce drastic measures such as bringing misuse of these accounts under Benami Transactions Act, which allows for confiscation of the money and jail up to 7 years. Deposits decelerated to Rs 4,867 crore from November 23-30.
  • 30 per cent: Estimated drop in real estate prices. This may reflect the success of the war against black money as the realty sector had become notorious for parking illicit cash.With this black money component being wiped out, homes are expected to get cheaper.
  • Rs 400 crore: Estimated counterfeit currency in circulation before November 8 - or just 0.028 per cent of the demonetised currency - according to the Indian Statistical Institute, Kolkata.
  • Rs 30L crore:  Size of India's black economy, according to World Bank estimates. This is roughly 20 per cent of the country's GDP in 2015.
  • 70 per cent: Of the black assets, or Rs 4.8 lakh crore, is estimated to be parked overseas, leaving approximately Rs 2 lakh crore in the country, of which 5 per cent to 6 per cent are held in cash (data compiled from Income Tax raids).
  • 400Cases in which the Income Tax department has carried out swift investigation since November 8. Concerted action is being taken by the department, ED and the CBI in detecting mischief.
  • 15 per cent: Transactions at Mother Dairy have gone digital, up from the sleepy 5 per cent. As many as 75 per cent of digital transactions are done through Smart Change Card and Rs 10 per month is a nominal charge on the transactions done through SBI smart card. Mother Dairy expects digital transactions will rise to 25-30% next month.
  • 50: Number of bank branches under the Enforcement Directorate scanner for suspicious deposits. A special eye has been kept on student accounts, dormant ones and Jan Dhan accounts to detect money laundering and hawala instances through these channels.
  • Rs 20 lakh: The amount for which a Rajasthan woman's family wanted to sell her off. She managed to escape as the buyers couldn't arrange so much cash.
  • 115 Number of deaths: The Opposition claims because of demonetisation. BJP's rivals say most of these deaths happened when the old, ill and the infirm collapsed while waiting in long queues

 

 

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