RBI Annual Report
98.96% of banned Rs 1000, Rs 500 notes returned after demonetisation: RBI
98.96% of banned Rs 1000, Rs 500 notes returned after demonetisation: RBI

Reserve Bank of India’s annual report shows that 98.96% of Rs 1000 notes and Rs 500 notes that were banned on 8 November had returned to it by the end of June.
According to RBI estimates, a total of Rs. 15.28 lakh crore in banned 500- and 1,000-rupee currency notes were returned by June 30, 2017, out of the estimated 15.44 lakh crore in 500- and 1,000-rupee notes in circulation before the notes ban.
This means that 0.16 lakh crore or Rs 16,000 crore was not deposited back to the banks.

Among the Rs 1000 denomination notes, the RBI is yet to receive 8.9 crore notes of the denomination which means that at least Rs 8900 crore of 1000 denomination have gone missing since the note ban.
The old notes came to RBI either directly or from bank branches and post offices through the currency chest mechanism. Some of these notes are still lying in the currency chests, RBI said. Thus, the central bank could only estimate the value of the notes and could not give an accurate figure.
Prime Minister Narendra Modi last year in a surprise move banned Rs. 500 and Rs. 1,000 notes to counter black money, with the high denomination notes losing their legal tender status from midnight of November 8. After the shock note ban decision, the government gave a 50-day window to deposit old notes by December 30, 2016. However, for some other categories of people, like NRIs, the deadline expired on June 30, 2017.
Here are the other takeaways from the annual report on demonetisation:

1) 89 million notes of Rs 1000 were in circulation at the end of March compared to around 6.3 billion a year ago

2) RBI supplied 3.5 billion notes of Rs 2000 and 7.2 billion of the new Rs 500 in 2016-17.

3) Overall, the number of currency notes supplied in 2016-17 amounted to 29 billion compared to 21.2 billion pieces a year ago.

4) The central bank spent Rs 7965 crore in printing currency notes in 2016-17 more than double the Rs 3420 crore spent a year ago.

5) It detected 199 counterfeit notes of the new Rs 500 denomination and 638 of Rs 2000 notes. But these were a minuscule proportion of the 762,072 fake note pieces detected during that year, an increase compared to 632,926 pieces a year ago.

Comment by: Dr.Andrew Dominic

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