Two years after demonetisation, over 99% banned notes back; RBI finishes verification

By: | Updated: August 29, 2018 12:56 PM

RBI annual report: Nearly two years after demonetisation, RBI has completed the tasks of processing and verifying banned currency notes.

RBI expected GDP growth to rise to 7.4 percent in FY19.

RBI annual report for 2017-18: Nearly two years after demonetisation, RBI has completed the tasks of processing and verifying banned currency notes. On November 8, the number of Rs 500 and Rs 100 notes in circulation was 15.4 lakh crore and the total value of specified bank notes (SBNs) returned to the banks now stands at 15.3 lakh crore, (which amount to 99% of total demonetised notes), RBI annual report for 2017-18  showed.

It was in November 2016, the government had announced the demonetisation of all Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series.

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The value of banknotes in circulation stands at 18 lakh crore till March end, RBI report also said.”The value of banknotes in circulation increased by 37.7 per cent over the year to Rs 18,037 billion as at end-March 2018. The
volume of banknotes, however, increased by 2.1 per cent,” report showed.

The combined share of Rs 500 and Rs 2000 banknotes which when put together in value terms accounted for 72.7 percent. The total value of banknotes  in circulation at the end of March last year 2017 surged to 80.2 percent as at end of March 2018.

At the end of March 2018, the share  of freshly introduced Rs 200 banknotes in the total value  of banknotes in circulation was 2.1 percent.

RBI expected GDP growth to rise to 7.4 percent in FY19. However, inflation warrants continuous vigil, the report also mentioned. The central bank expects the CPI inflation to face upside risks in the remaining part of the year.

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