1. RBI releases big demonetisation data; cost of printing notes doubled to Rs 7,965 cr due to noteban

RBI releases big demonetisation data; cost of printing notes doubled to Rs 7,965 cr due to noteban

A big and detailed data of demonetisation has come to the fore after Reserve Bank of India (RBI) released its Annual Report for 2016-17 on Wednesday.

By: | Updated: August 30, 2017 6:34 PM
noteban, rbi, rbi annual data, demonetisation, note ban data, demonetisation data Reuters photo

A big and detailed data of demonetisation has come to the fore after Reserve Bank of India (RBI) released its Annual Report for 2016-17 on Wednesday. According to the data released by RBI, the cost of printing notes doubled to Rs 7,965 crore in FY’17 from Rs 3,421 crore in FY’16 on account of new currency printing post noteban. As per news agency PTI, RBI says 7.62 lakh pieces of counterfeit currency notes detected in FY’17 as against 6.32 lakh in FY’16. Moreover, RBI says 8.9 crore old Rs 1,000 notes out of 632.6 crore yet to be returned post demonetisation, as reported by PTI.

The RBI annual report confirms that the cost of printing of currency notes more than doubled to Rs 7,965 crore in 2016-17 from Rs 3,421 crore in the previous year on account of new currency printing, as per PTI.

Congress leader P Chidambaram has attacked the government after RBI released the demonetisation data. Taking to twitter, Chidambaram said, “RBI ‘gained’ Rs 16000 crore, but ‘lost’ Rs 21000 crore in printing new notes! The economists deserve Nobel Prize.” “RBI ‘gained’ Rs 16000 crore, but ‘lost’ Rs 21000 crore in printing new notes! The economists deserve Nobel Prize, ” Chidambaram added in another tweet. Continuing the attack, he wrote, “99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?”

The Narendra Modi government had on November 8, 2016 banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny. The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1000 notes has been made. Instead, a new Rs 2,000 note was introduced post note ban.

Besides, new Rs 500 and Rs 2000 notes, the RBI has also printed new Rs 200 notes.

  1. S
    Sameer Shaik
    Sep 3, 2017 at 8:28 am
    It is ok that we agree and accept the government steps.. I found 2000 rupees 1000 1,500 24 in my clothes desk what should i do it... Now pls provide guidence..
    Reply
    1. Prakash Pimparkar
      Aug 30, 2017 at 8:34 pm
      Still yet to come the receipt of fake bank notes returned to banks, it will be a shocker!
      Reply
      1. M
        Mac
        Aug 30, 2017 at 6:37 pm
        Sure shot there are more old notes 👍
        Reply
        1. Ramesh B Bhatia
          Aug 30, 2017 at 6:36 pm
          Cost of Printing notes increase due to more security reasons and more checklist to avoid counterfeit notes. RBI has lost money on note Printed when previous RBI Governor R.Rajan signed 500 and 1000 notes. but RBI released 40K crode before the announcement of change in currency? So this also cost exchequer loss of thousand crode and govt has no choice to drop idea of printing 1000 note? But Govt did not punish any culprit who release this huge amount of currency before opening? Even there is now news who were behind such dirty game?
          Reply

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