Reserve Bank of India has stated in its annual report that Rs 16,000 crore of demonetized currency was not deposited with banks since the time of demonetization process. It said that 99 % of the Rs 15.44 lakh crore scrapped currency notes only reached into the system after the process of demonetisation. Economic experts of the country and others stated that demonetization is failed to curb the Black money. The opposition parties have also alleged that it failed to make any difference. Prime Minister Narendra Modi made an announcement of scrapping old Rs 1000 and Rs 500 currency notes on November 8 last year.
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