New Delhi: On november 8, 2016, at 8 pm, prime minister Narendra Modi announced the ban on banknotes. The prime minister announced that the notes of one thousand and five hundred would be banned from midnight.

In the months that followed, people struggled to exchange notes. The central government has not released the actual figures on the return of notes even after five years of the ban. 

Remember the troubled days?

The ban on notes in 2016 was one of the biggest decisions independent india has ever seen. It is estimated that the ban on banknotes, which aims to eradicate counterfeiting, has not made a significant difference to the indian economy. According to the RBI, cash on hand is 57 per cent higher than in 2016.

In the scorching heat, the blood and juices dried up and the common people lined up for a long time. The people endured pain and suffering without doubting the intentions of the government. But look at the figures released by the RBI itself over five years ago. The central government will have to answer the question of the public for whom and why the ban on notes was imposed. 

Prime Minister Narendra Modi's announcement on november 8, 2016, came as a shock but people applauded. It was considered a courageous decision. According to the RBI, Rs 17.97 lakh crore was in the hands of the people at that time. With the eradication of black money, the government thought it would shrink to Rs 14 lakh crore.

But according to the RBI data released on the 8th of this month, people's cash holdings are now over Rs 29 lakh crore. That is 57 per cent more than at the time the note ban was implemented. With the advent of Covid, people are starting to have more money on their hands, according to reports. The black money figures set by the government when the notes were banned do not match the figures of the RBI.

It was alleged that Rs 4 lakh crore was not returned to the banks through the ban on notes. If he does not return, the same amount will go to the government treasury in the RBI. But 99.3 per cent of the notes were returned to the bank. In short, people had to wander the streets to exchange notes and the lives of many were on the road.