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99% of demonetised notes returned, says RBI report:
Context
- The Reserve Bank of India’s (RBI) annual report finally revealed that around Rs. 15.28 lakh crore of the high-value currency that was demonetized in November was returned to the central bank.
Special Bank-Notes
- The estimated value of SBNs [specified bank notes] received as on June 30, 2017, was Rs. 15.28 trillion.
- The central bank was under intense scrutiny since January, after the window for depositing the withdrawn Rs. 500 and Rs. 1,000 banknotes had closed.
The current state of data
- At the time of demonetization the value of old Rs. 500 and Rs. 1,000 notes in circulation was Rs. 15.44 lakh crore when deposited with the banks.
- Separately, the data showed that the share of newly introduced Rs. 2,000 banknotes in the total value of currency in circulation was 50.2% at End-March 2017.
- The final deposit figures could still surge since as on June 20, 2017, the government allowed District Central Cooperative Banks to deposit the withdrawn notes that had been accepted by them from customers between November 10-14.
- The central bank is still in discussion with the government whether to accept the demonetized notes held by citizens and financial institutions in Nepal.
Other vital information
- Data in the annual report showed that only 89 million pieces of Rs. 1,000 were not deposited.
- As of March 2016, there were 6,326 million pieces of Rs. 1,000 banknotes in circulation.
- In 2016-2017, another 925 million pieces of Rs. 1,000 notes were supplied into the system by the currency printing presses.
