According to the data released by RBI, as much as 99 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system.
The Reserve Bank of India (RBI) on Wednesday released its Annual Report for 2016-17. According to the data released by RBI, as much as 99 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, says PTI. So what is the full amount of banned Rs 1000, Rs 500 notes that have come back into banking system? As per RBI, Rs 15.28 lakh crore of the junked currency had come back into the banking system, leaving only Rs 16,050 crore out. As on November 8, 2016 there were 1,716.5 crore pieces of Rs 500 and 685.8 crore pieces of Rs 1,000 in circulation, totalling Rs 15.44 lakh crore, according to a report in PTI.
The RBI’s annual data also reveals that post demonetisation RBI spent Rs 7,965 crore in 2016-17 on printing new Rs 500 and Rs 2,000 and other denomination notes, more than double the Rs 3,421 crore spent in the previous year.
RBI said just 8.9 crore pieces of Rs 1,000 notes or 1.3 per cent of the scrapped ones have not returned. It, however, did not give a specific number for the old 500 rupee notes.
The demonetisation was hailed as a step that would curb black money, corruption and check counterfeit currency but RBI said just 7.1 pieces of Rs 500 note per million in circulation and 19.1 pieces of Rs 1,000 notes per million in circulation were found to be fake in its sample survey.