Economy

99.3% of demonetised currency returned: RBI

Over 99% of the ₹ 500 and ₹ 1000 that were withdrawn from circulation in November 2016 were returned, the Reserve Bank of India (RBI) said in its annual report, released on Wednesday.

According to the report, after verification and reconciliation, the total value of the ₹ 500 and ₹,1000 as on November 8, 2016,  the day before note ban came into effect, was R₹15,417.93 lakh crore. The total value of the such notes returned from circulation was ₹15,310.73 lakh crore.

According to the RBI data, the value of banknotes in circulation increased by 37.7% over the year to ₹18,037 lakh crore as at end-March 2018.

With more ₹500 notes pumped into the system over the last one year, the share of ₹2,000 notes by value declined to 37.3% as on March 2018 as compared to 50.2% a year ago. The share of ₹ 500 note, in terms of value, increased from 22.5% to 42.9% during the same period.

“The share of newly introduced ₹200 banknotes in the total value of banknotes in circulation was 2.1% as at end-March 2018,” the report said.

PTI adds:

Nearly ₹8,000 cr spent by RBI post-DeMo

Post demonetisation, the RBI spent ₹7,965 crore in 2016-17 on printing new ₹500 and ₹2,000 and other denomination notes, more than double the ₹3,421 crore spent in the previous year.

In 2017-18 (July 2017 to June 2018), it spent another ₹4,912 crore on printing of currency, the report said.

The demonetisation was hailed as a step that would curb black money, corruption and check counterfeit currency, but the RBI said, “Counterfeit notes detected in SBNs decreased by 59.7 and 59.6 per cent in the denominations of ₹500 and ₹1,000, respectively.”

The RBI said, “Compared to the previous year, there was an increase of 35 per cent in counterfeit notes detected in the denomination of ₹100, while there was a noticeable increase of 154.3 per cent in counterfeit notes detected in the denomination of ₹50.” Counterfeit notes detected in the new Rs 500 and Rs 2,000 notes during 2017-18 were 9,892 and 17,929, against 199 and 638 respectively in the previous year, it added.

Related Topics
This article is closed for comments.
Please Email the Editor

Printable version | Dec 4, 2020 9:59:54 AM | https://www.thehindu.com/business/Economy/993-of-demonetised-currency-returned-to-banks-rbi/article24808160.ece

Next Story