Demonetisation brought more than Rs 3 lakh cr came into system: Modi

Prime Minister Narendra Modi today said that authorities had confiscated black money worth over Rs 1 lakh crore and around Rs 3 lakh crore had been brought into the banking system as he further listed the achievements of the NDA government in curbing black money.

“In the last three years, more than Rs 1,25,000 crore of black money has been caught…the culprits have been forced to surrender this money,” Modi said in his speech here on the occasion of Independence Day.

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“Moreover, the demonetisation drive has achieved much success..it has brought out black money,” he said.
The Prime Minister said the demonetisation of high-value currency in November had returned a lot of black money into the formal economy.

“Research has established that after the note ban measure, more than Rs 3 lakh crore, which was outside the banking system, has come into the formal economy,” Modi said.

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“Scrutiny of money deposited in banks after demonetisation has revealed Rs 1,75,000 crore of suspicious money. Besides, Rs 2 lakh crore deposits have been forced to provide explanation for the money,” he said.