The Attorney General of India today declared before the Supreme Court that the demonetisation drive was a grand success. He told the court that by the end of December the government is expects deposits of Rs 10 lakh crore would be made.
The AG made the submission while hearing a plea filed by the union government seeking a directive to transfer all petitions relating to demonetisation pending before the High Courts to the Supreme Court. The government had also sought a stay on all proceedings before the high courts. The Supreme Court while agreeing to transfer all such petitions however refused to grant a stay on the same. The matter will be heard on December 2.
The AG further informed the court that the demonetisation drive was a major success. The banks have received Rs 6 lakh crore in ten days of the decision being announced. By December 31 the amount is estimated to be Rs 10 lakh crore. He further stated that the aim of demonetisation is make people adopt to a digital money transfer mode. It further aims at reducing cash transactions to 8 per cent in India. The general rule is that cash transactions should not exceed 4 per cent of the GDP. Currently it is at 12 per cent he also said.
The AG also went on to add that ther is no shortage of currency. He said that the problem lies in the transportation. The problem is transferring it to every nook and corner of the country and this is what is taking time, the AG further submitted. The AG also added that the centre has set up a committee which will visit different parts of the country to take stock of the ground situation.