A big revelation by the Reserve Bank of India today indicated that as much as 99 per cent of the junked Rs 500 and Rs 1,000 notes returned to the banks in the wake of NDA government's note ban decision that was intended to curb corruption, black money, increase the tax base and also boost cashless transactions.
A big revelation by the Reserve Bank of India today indicated that as much as 99 per cent of the junked Rs 500 and Rs 1,000 notes returned to the banks in the wake of NDA government’s note ban decision that was intended to curb corruption, black money, increase the tax base and also boost cashless transactions. RBI in its Annual Report for 2016-17 said that Rs 15.28 lakh crore of the banned currency was returned, but Rs 16,050 crore was missing. Check out the mammoth numbers here:
1. 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.
2. 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.
3. 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.
4. RBI said 8.9 crore pieces of Rs 1,000 notes or 1.3 per cent of the scrapped ones have not returned. The actual number of old 500 rupee notes that were returned has not been specified.
5. RBI said its income for 2016-17 decreased by 23.56 per cent while expenditure jumped 107.84 per cent. The year ended with an overall surplus of Rs 306.59 billion as against Rs 658.76 billion in the previous year, representing a decline of 53.46 per cent.
6. RBI said there are as many 588.2 crore of Rs 500 notes, both old and new in circulation as of March 31, 2017. As of March 31, 2016, there were 1,570.7 crore Rs 500 notes in circulation.
7. As many as 328.5 crore pieces of new Rs 2,000 notes were in circulation as on March 31, 2017.
8. Besides, new Rs 500 and Rs 2,000 notes, the RBI has also circulated new Rs 200 notes last week.
9. While stating that Rs 15.28 lakh crore have come already come back, the RBI said the government has allowed District Central Cooperative Banks (DCCBs) to deposit the scrapped notes accepted by them from their customers during November 10 to 14.
10. Banks, financial institutions and intermediaries reported as many as 4.73 lakh suspicious transactions in 2016-17 compared to about 1.06 lakh in the previous year.