Sunday, 09 May, 2021


99.3 per cent of demonetised currency returned to banks: RBI

99.3% of demonetized currency returned to banks RBI 99.3 per cent of demonetised currency returned to banks: RBI
Conrad Doyle | 29 August, 2018, 22:31

At the time of demonetization three were 17165 million units of Rs 500 notes and 6858 million units of the Rs 1000 notes which together added up to Rs 15.44 lakh crore of currency that was demonetized.

Mumbai: Indians have deposited almost all the Rs 500 and 1000 notes invalidated after the Narendra Modi government's demonetisation move in November 2016, the Reserve Bank of India (RBI) said in its annual report for 2017-18 after a count that lasted nearly two years.

RBI's annual report says: "In consultation with the Government of India, the Reserve Bank has been exploring the feasibility of increasing the life of Indian banknotes". This means just Rs 10,720 crore of the junked currency did not return to the system. 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 value of banknotes in circulation increased by 37.7 per cent over the year to Rs 18.03 lakh crore at end-March 2018. For example, 15% of total notes in circulation are ₹500s and they account for 42% of the total value of currency in circulation.

The share of newly introduced Rs 200 banknotes in the total value of banknotes in circulation was 2.1 % as at end-March 2018. The central bank said 17,929 pieces of Rs 2,000 notes were detected in 2017-'18 while only 638 fake notes of the same denomination had been detected the year before.

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

SBNs refer to the demonetised old 500 and 1,000 rupee. Banks have received Rs 15.3 trillion ($217 billion), or 99.3% of the currency invalidated, RBI said in the annual report released today.

Collateral damage as a result of the rise in printing the notes and other cost was dividend RBI pays to the government.

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