After that, the government could legitimately claim that so many lakh crore of black money had been trapped outside the system and was now mere paper. Economist Swaminathan Aiyar wrote: “If Rs 3 lakh crore of notes remain unencashed at December-end, this implies a corresponding fall in the RBI’s liabilities, giving it a huge windfall. One, more Rs 500 and Rs 1,000 notes may have been printed that what was shown in the RBI’s books as on November 8, 2016. But if the final number turns out to be more than Rs 15.44 lakh crore, there will be egg on the RBI’s face. The final word on what cash came back after November 8 is still to be written.

Source: Hindustan Times September 01, 2017 12:56 UTC