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Demonitisation checked growth in high value notes: PMO

The Prime Minister’s Office said on Tuesday that without demonetisation, the estimation of high division money would have been Rs 18 lakh crore or 50 for each penny more than it was as of the finish of September this year.

“Diminished extent of HDN in the economy helps obstruct defilement and subsidizing of fear mongering,” the PMO said in a tweet.

It stated, “The assessed estimation of high group notes toward the finish of September 2017 is approx Rs 12 lakh crore.

Without demonetisation, the estimations of HDN would have been around Rs 18 lakh crore today.”

Subsequently, high group notes (HDN) have been successfully achieved around Rs 6 lakh crore – which is 50 for every penny of the present estimation of HDN available for use, it included.

The legislature on November 8 a year ago had reported the rejecting of Rs 500 and Rs 1,000 notes, totalling Rs 15.44 lakh crore. It constituted 86 for every penny of the aggregate trade out course.

The PMO tweet additionally said that “0.00011 for every penny of India’s populace saved right around 33 for every penny of the aggregate trade out nation”.

According to the Reserve Bank information, Rs 15.28 lakh crore or 99 for every penny of the demonetised money was returned, leaving just about Rs 16,000 crore outside the saving money framework.