Demonetisation: RBI has no data on banned Rs 500, Rs 1,000 notes used at petrol pumps, hospitals

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Published: March 11, 2019 1:58:01 PM

Reserve Bank of India (RBI) doesn’t have data on banned Rs 500 and Rs 1,000 notes used to pay at petrol pumps, government hospitals, public transport and other places.

RBI, 2 percent interest subsidy scheme dor crop loans, crop loans, crop loan amount, crop loans for farmersThe relaxation was discontinued on November 25, 2016 after the use of only old 500-rupee notes at these utilities was allowed by the government till December 15, 2016.

Reserve Bank of India (RBI) doesn’t have data on banned Rs 500 and Rs 1,000 notes used to pay at petrol pumps, government hospitals, public transport among others, new agency PTI reported citing a reply to RTI query. On November 2016, the day demonetisation was announced, the Modi government had allowed exchange of the demonetised notes and their usage for payment of utility bills for twnty three services.

“Information on (invalidated) notes used for paying utility bills is not available with us”, news agency PTI said citing RBI’s reply to a Right to Information (RTI) query.

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There is no information on banned notes used to pay for insurance policies as “it is not maintained by the Authority”, RBI added referring a part of the RTI to IRDAI.

The twenty three services for which payment with these banned notes was allowed included: government hospitals, railway ticketing, public transport, airline ticketing at airports, milk booths, crematoria or burial grounds, petrol pumps, metro rail tickets, purchase of medicines on doctor prescription from the government and private pharmacies, LPG gas cylinders, railway catering, electricity and water bills, ASI monument entry tickets and highway toll.

However, the relaxation was discontinued on November 25, 2016 after the use of only old 500-rupee notes at these utilities was allowed by the government till December 15, 2016.

In August last year, RBI has said in its annual report that more than 99 per cent of Rs 500 and Rs 1,000 notes banned during demonetisation have returned to the banking system, the Reserve Bank of India said today after completing what it calls the “humungous task” of counting the banned cash.

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