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RBI says 93.3 per cent of demonetised currency returned to banks

The statement indicated that only the remaining was left out of the banking system after Narendra Modi government's note ban aimed at curbing black money and corruption.

NMF News Bureau | Updated: 29 Aug 2018, 16:41:27
Demonetised currency Demonetised currency

New Delhi: The Reserve Bank of India (RBI) said on Wednesday that 99.3 per cent of the demonetised notes of Rs 500 and Rs 1000 have been returned to the banking system. 

The statement indicated that only the remaining was left out of the banking system after Narendra Modi government's note ban aimed at curbing black money and corruption.

The RBI took a long time to count the currency which was returned in the limited period window provided by the government to exchange or deposit the banned currency. The exercise is finally over, it said in its Annual Report for 2017-18.

The "humungous task of processing and verification of specified bank notes was successfully achieved," it said. "The total specified bank notes returned from circulation is Rs. 15,310.73 billion."

Rs 15.31 lakh crore of the Rs 15.41 lakh crore in Rs 500 and Rs 1000 notes in circulation on November 8, 2016, when the note ban was announced, have been returned.

This means that Rs 10,720 crore of the banned currency did not return to the banking system.

"Counterfeit notes detected in specified bank notes decreased by 59.7 and 59.6 per cent in the denominations of Rs 500 and Rs 1,000, respectively," said RBI.

"Compared to the previous year, there was an increase of 35 per cent in counterfeit notes detected in the denomination of Rs. 100, while there was a noticeable increase of 154.3 per cent in counterfeit notes detected in the denomination of Rs. 50," it said.


First Published: 29 Aug 2018, 16:41:27

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