Wednesday, October 11, 2017

Re: [IAC#RG] RBI confesses that demonetisation failed


DerSh. S. Roy,

enclosing your msg of 2/9 on demo. You are the best judge on how to proceed further without exposing yourself to legal retaliation.


From: <> on behalf of Sarbajit Roy <>
Sent: Saturday, September 2, 2017 3:21 PM
To: indiaresists
Subject: Re: [IAC#RG] RBI confesses that demonetisation failed
Dear Shri Gaur

I have carefully read views of yourself and Shr R.N. Malhotra

It is a matter of public record that I, on behalf of India Against Corruption, had complained to RBI Dy. Governor on 6 April 2015 that there was massive fake currency of Rs. 500 and Rs. 1,000 denom notes in circulation and it was I who had first demanded de-nom of these notes and replacement of the Gandhi icons.

I had based my complaints on a secret IB report which I persued through a technically sophisticated whistleblower. This report indicated that at the time 18% of all Rs. 500 and 13% of all Rs. 1,000 denom notes of old Gandhi series were high quality forgeries (of non-Pak origin) and projected an alarming picture that within a year the figure would approach 25-30%.

I then pursued my complaint in appeal to the Governor RBI and I evetually got back a reply that my complaint was being very actively considered at highest levels of Central Govt.

As we all know de-mon happened on 8 Nov 2016, and IAC was among the forefront to crticise it for being too late and too badly mismanaged. At the time IAC had also criticised it as a hollow and cynical political exercise to win Uttar Pradesh.

Subsequently IAC got more leaks from whistleblowers which we have discreetly conveyed back to government and RBI. 

The extent of the de-mon scam is mind-boggling and I can safely say that the corruption of de-mon by a few people in BJP is 50 times greater than all Congress scams combined in India's history.


Sarbajit Roy

On Thu, Aug 31, 2017 at 1:05 PM, Gaur J K <> wrote:

You had also recommended demonetisation for detecting fake currency notes. 

Other objective was to control terror funding, and money laundring. 

So how far the Govt. has succeded in achieving these objectives?

From: <> on behalf of Sarbajit Roy <>
Sent: Thursday, August 31, 2017 10:14 AM
To: indiaresists
Subject: [IAC#RG] RBI confesses that demonetisation failed
As on November 8, 2016 — the day demonetisation was announced — there were 1,716.50 crore pieces of Rs 500 and 685.80 crore Rs 1,000 notes in circulation.

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