Hi
I am CA Vivek Aggarwal, I am sharing the very vital information regarding demonetisation from a totally different perspective.
- 86% currency circulation are of Rs. 500 and Rs. 1000 Note amounting to Rs. 14 Lac Crore.
- 14% currency of Rs. 100, 50 and other denomination amounting to Rs. 2.25 lac crore..
- Government press can print daily only 50 lacs note, means 250 crore of 500 Notes and 1000 crore of Rs 2000 Note. It is when printing press are working on double shift.
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In 50 days government can print only Rs 75,000 crore to maximum. It is when there is no holiday.
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New Governor Urjit Patel have joined just 2 months back, enable printing of only Rs l lac crore till Nov 8.
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In 50 days 14 lacs crore will get out of system and government will have only 4 lacs crore leaving huge gap.
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Further, hoarding of new notes are taking place, it is expected that Rs. 2 lac crore will go to Old not hoarders. Market will left with only Rs 2 lac crore.
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65% of the population live in villages.
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93% of Village does not have banking facility and ATM.
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It is mot likely that in middle of Dec, Government will not have cash to give it to customer having balance in their account.
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The whole system will take atleast a year to be normalised.
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47 people have died till 17th Nov, 2016 (In past 8 days)
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All business come to stand still and it is expected to decrease by atleast 25% for 2 quarters due to liquidity crunch.
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Still the problem of black money will be there, now people will hoard in Gold, Dollar, Pound etc.
CAclubindia
