New Delhi, Nov 30 (PTI) The black money stacked in bedsand pillows has come back to the banking system, thanks todemonetisation, Vice President Venkaiah Naidu said today.
The government had scrapped about 86 per cent of the highvalue currency notes in form of Rs 500 and Rs 1,000 inNovember last year, leading to cash crunch for several months.
Almost 99 per cent of the demonetised currency wasreturned into the banking system, as per the Reserve Bank.
"Now also banks again have money in India because all themoney that was there - some that was there in beds and alsopillows, bathrooms - has come back to banks. There is a debategoing on, I don't want to get into that political debatebecause I am not in politics now," said the Vice-President.
He was speaking at a conference on small and mediumenterprises (SMEs) organised by WASME here.
Naidu further said he has retired from politics, but notretired from public life.
"The money has come back. Some people are raisingquestions as to what is the purpose of the so-calleddemonetisation.
"As an ordinary citizen of the country I understand thatwas the purpose. The money has come back to banks withaddress. How much is official, how much is unofficial... thatwill be decided by the Reserve Bank," he said.
The Vice-President stressed that banks need to take careof the MSME sector, which is giving maximum employment.
Naidu emphasised that SME development needs to be centredaround sustainability. He added that alleviation of povertywhile simultaneously creating employment and wealth byfollowing the principle of inclusive growth was the only waytowards a peaceful world.
In the context of sustainable development goals (SDGs),the development of SME sector must be primary developmentagenda of national governments "so as to address the criticalissues around economic growth, job creation, social stability,and environmental protection." PTI RSN NKD CSANU.
This is unedited, unformatted feed from the Press Trust of India wire.