Revealing the low efficacy of last November’s demonetisation of high-value currency, the RBI said on Wednesday that of the Rs 15.44 lakh crore of notes taken out of circulation, Rs 15.28 lakh crore had returned to the system by way of deposits by the public.
According to the Reserve Bank of India’s (RBI) annual report for the last fiscal, 89 million pieces of the banned Rs 1,000 totalling Rs 8,900 crore had not been returned, out of 6,700 million such notes. This amounts to 1.3 per cent of the Rs 1,000 notes in circulation before the demonetisation announcement on November 8, 2016.
The Reserve Bank of India (RBI) released the number behind the demonetization exercise carried by the Modi-led government. In the report announced by RBI, Rs 15.28 lakh crore out of the Rs 15.44 lakh crore in currency that was declared invalid on November 8, 2016, has come back into the Indian banking system.
The value of banknotes in circulation declined by 20.2 per cent over the year to Rs. 13.1 lakh crore as of end-March 2017.
The share of newly-introduced Rs. 2,000 banknotes in total value of banknotes in circulation was 50.2 per cent at end-March 2017.
7.62 lakh pieces of counterfeit currency notes were detected in FY17 as against 6.32 lakh in FY16.
Cost of printing notes doubled to Rs. 7,965 crore in FY17 from Rs. 3,421 crore in FY16 on account of printing of the new currency.