Demonetisation is a monumental correction: Gurumurthy

Demonetisation is a monumental correction: Gurumurthy

Noted economic analyst S Gurumurthy on Friday said that demonetisation is a monumental correction for investments in the future.

Speaking at a session organised by CII Karnataka, as part of the Annual Meet 2017, he lauded the Prime Minister for taking the bold decision to demonetise Rs 1,000 and Rs 500 notes. “By 2015, Rs 15.5 lakh crore worth Rs 500 and Rs 1,000 notes were in circulation.

The RBI report said that two-third of Rs 1,000 notes and one-third of Rs 500 notes were never returned to the bank,” Gurumurthy said. He pointed out that it means about six to seven lakh crore notes were circulating outside the monetary system and this is what triggered the price rise.

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