Over 99% of demonetised notes were returned: RBI – Their total value was Rs. 15.31 lakh crore, shows report
The Reserve Bank of India’s annual report for 2017-18 said more than 99% of the Rs. 500 and Rs. 1,000 notes withdrawn from circulation in November 2016 had been returned to the central bank.
According to the report, after verification and reconciliation, the total value of the Rs. 500 and Rs. 1,000 notes as on November 8, 2016, the day before the note ban came into effect, was Rs. 15.41 lakh crore. The total value of such notes returned from circulation is Rs. 15.31 lakh crore.
RBI data showed that the value of banknotes in circulation increased by 37.7% over the year to Rs. 18.04 lakh crore as at end-March 2018.
More 500 notes
With more Rs. 500 notes having been pumped into the system over the last one year, the share of Rs. 2,000 notes by value declined to 37.3% as on March 2018, compared with 50.2% a year earlier. The share of Rs. 500 notes, in terms of value, increased from 22.5% to 42.9% in the same period.
“The share of newly introduced Rs. 200 banknotes in the total value of banknotes in circulation was 2.1% at end-March 2018,” the report said.
Credit: The Hindu
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