99.3% Of Demonetised Currency Notes Returned To Banks So Far: RBI

99.3% of demonetized currency returned to banks RBI

While many hailed demonetisation as a step that would curb black money, corruption and check counterfeit currency but RBI said, "Counterfeit notes detected in specified bank notes decreased by 59.7 and 59.6 per cent in the denominations of Rs. 500 and Rs. 1,000, respectively". "After demonetization if it had grown at that rate, the currency, which is in the system today, is 87-88 per cent of that.so the Rs 3 lakh to Rs 4 lakh crore less currency is in the system today than it would have been had the old system been in place", he said in an apparent reference to the Rs. three lakh to Rs. four lakh that was claimed would be extinct.

This means that just Rs 10,720 crore of the junked currency notes did not return to the banking system.

How much money is back?

On 8 November, 2016, Prime Minister Narendra Modi announced withdrawal of high denomination currency notes of Rs 500 (old series) and Rs 1,000 in a televised speech. For instance, the SBI's economic research department, headed by chief economist Soumya Kanti Ghosh, predicted that up to Rs 2.5 lakh crore wouldn't come back into the banking system. But new notes could not be printed fast enough, and the policy sparked a months-long currency crunch that left tens of millions of Indians cashless or standing in line for hours each day to retrieve small sums of cash.

Another narrative that made the rounds after demonetisation was that the Indian economy had too many high-denomination notes.

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In value terms, the share of Rs 500 and Rs 2000 banknotes, which had together accounted for 72.7 per cent of the total value of banknotes in circulation at end-March 2017, increased to 80.2 per cent as at end-March 2018.

A collateral damage as a result of rise in printing and other cost was dividend RBI pays to the government.

The number of fake notes of Rs 2,000 jumped to 17,929 in fiscal 2018 - a 2710 per cent increase from 638 pieces in 2016-17.

The value of banknotes in circulation increased by 37.7 per cent over the year to Rs 18.03 trillion as at end-March 2018. It is a natural process as the GDP grows, payment system grows, currency grows. "125 crore Indians, destroyed the Indian economy, demolished India's global image and brought absolutely no gain to the country", he said.

The annual report, curiously, also provides a glimpse of how attempts at remonetisation over the past year focused heavily on supplying the new Rs 500 and Rs 200 currency notes. At that time the demonised notes from Nepal and Bhutan were also yet to be counted.

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