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LATEST NEWS UPDATES | 99.40% of demonetised notes returned: RBI

99.40% of demonetised notes returned: RBI

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published Published on Aug 29, 2018   modified Modified on Aug 29, 2018
-The Hindu Business Line

Value of banknotes in circulation increased to Rs 18.03 lakh crore as at end-March 2018

Mumbai: Close to 99.40 per cent of specified bank notes (SBNs) of Rs 500 and Rs 1,000 denominations, which were scrapped in the November-December 2016 period, have been returned from circulation, according to the Reserve Bank of India's annual report.

The report pegged the total SBNs returned from circulation at Rs 15.31 lakh crore. On November 8, 2016, when the demonetisation process kicked-in, currency notes of denominations of Rs 1,000 and Rs 500 (SBNs), valued at Rs 15.4 lakh crore and constituting 86.9 per cent of the value of total notes in circulation were demonetised (scrapped).

The Modi Government had scrapped the SBNs to clamp down on corruption and black money, cut off terrorist financing and tackle fake Indian currency notes. But with almost all the money coming back, experts wonder whether the purpose of demonetisation has been served.

The report said during the year (2017-18), 27.7 billion pieces of banknotes were disposed against 12.5 billion pieces last year, mainly on account of accelerated processing of SBNs of Rs 500 and Rs 1,000 denominations.

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The Hindu Business Line, 29 August, 2018, https://www.thehindubusinessline.com/money-and-banking/9940-of-demonetised-currency-return-back-from-circulation-rbi/article24808276.ece


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