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.

Thousands endure blazing Arizona heat to view Senator John McCain's casket
Arizona's first responders lined the plaza as the Arizona National Guard team carried McCain inside the Capitol. Later in the afternoon, the Capitol will be open to members of the public who want to pay their respects.

Andrew Gillum's Stunning Victory Sets Up an Epic Governor's Race in Florida
Gillum finished strong in each of Florida's major cities, including Tampa, Orlando, Jacksonville and his home city of Tallahassee. House and constantly reminded voters that: "Ron DeSantis is fully endorsed by President Donald Trump! ".

John McCain, Senator and former presidential candidate, dies at 81
He will always be listed among freedom's most gallant and faithful servants. "This Congress, this country, mourn with them". Last October, McCain was awarded the Constitution Center's prestigious Liberty Medal during a ceremony in Philadelphia.

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.

Related news:

Hot News

isis-killer-beheading-video-story-top Yaya Toure 'has passed a medical in London', claims agent
Aug 30, 2018 - 09:31
Toure has a wealth of Premier League experience, having won the title three times , along with three League Cups and one FA Cup . Yaya Toure will not be joining West Ham United according to his agent. "It's not West Ham, 100%", he wrote in a follow-up tweet.

isis-killer-beheading-video-story-top Sen. John McCain to lie in state in Capitol Rotunda Friday
Aug 30, 2018 - 03:49
On Friday, McCain announced his decision to discontinue treatment for the brain cancer that eventually led to his death . Tributes from around the country and the world are pouring in for Sen. "Chuck Larson", the statement said.

isis-killer-beheading-video-story-top UAE Jets Target Allied Coalition Forces in Yemen Shores
Aug 30, 2018 - 03:32
The Saudi-led alliance has carried out a campaign of thousands of air strikes and restricted imports into Yemen. The coalition will announce the conclusions of the review after it is completed, the spokesman added.

isis-killer-beheading-video-story-top Bees swarm Times Square hot dog stand
Aug 29, 2018 - 11:46
A police officer, who keeps bees himself, arrived at the scene in Times Square at 2:30pm, wearing a mesh-hooded beekeeper suit. Lauriano, who is known as the NYPD's "bee guy", told the news organization that the process would only take a few minutes.

isis-killer-beheading-video-story-top John Goodman Confirms Roseanne Will Be Dead on "The Conners"
Aug 29, 2018 - 10:23
I'm a depressive anyway, so any excuse that I can get to lower myself, I will. But now it appears that her character, Roseanne Conner, won't even be alive.

isis-killer-beheading-video-story-top Toyota to invest about $500 million in Uber for driverless cars
Aug 29, 2018 - 09:04
Previous reports indicated that Uber executives have been debating the future of the company's autonomous vehicle unit. The pair aim to begin pilot-scale deployments of the autonomous vehicles on Uber's ride-sharing network in 2021.

isis-killer-beheading-video-story-top Maurizio Sarri discusses possibility of signing on-loan midfielder permanently
Aug 29, 2018 - 08:44
While Drinkwater has struggled to break into the Chelsea first-team since being signed by Antonio Conte last summer. New boss Sarri has previously said it takes defenders longer to adapt to his unique style of play.

isis-killer-beheading-video-story-top Almost 3000 Deaths in Puerto Rico Linked to Hurricane Maria
Aug 29, 2018 - 08:38
With some of the island still without power, Puerto Rico now faces into a less threatening hurricane season this year. In the 11 months since the storm devastated Puerto Rico, that basic question has never been answered satisfactorily.

isis-killer-beheading-video-story-top Federal Judge Blocks Release of 3D Files for Guns
Aug 29, 2018 - 08:07
Lasnik's prior order, issued on July 31, blocked the release of the blueprints hours before they were set to hit the internet. That's when they reached a settlement with the 3D gun company.

Serena Williams Wins Big At US Open, Turns Heads With Outfit
Aug 29, 2018 - 06:25
I've been feeling really good in practice". "The tutu is easy to play in because I practiced in it before". She made this known while speaking at a press conference at the US Open .

isis-killer-beheading-video-story-top How To Watch Aretha Franklin Funeral On TV & Online
Aug 29, 2018 - 04:11
Wright Museum of African American History on Tuesday and Wednesday to pay their final respects to Aretha Franklin . Lamon said he didn't know as much about the singer as his mother, but he knew how important she was to his family.

Theresa May heads to SA to 'cement economic ties' with Cyril Ramaphosa
Aug 29, 2018 - 03:09
The Prime Minister ruled out answering any "hypothetical questions" when it was put to her during a trip to South Africa . It was the worst maritime disaster in South Africa's history, and became a symbol of its Great War sacrifice.

isis-killer-beheading-video-story-top John McCain, US Senator and Vietnam War hero dies at 81
Aug 29, 2018 - 02:12
He speculated that Richard Russell himself would approve of the honor for McCain - if the Russell Senate building must be renamed. Trump also posted about McCain's death on his Instagram page - in a fashion that drew near-immediate condemnation.

News Larry Fitzgerald to speak at John McCain memorial service
Aug 29, 2018 - 01:52
He had previously refused to sign the proclamation which would order the American flag to remain at half-mast until the funeral. Before Trump's Monday afternoon statement, his only commentary on McCain's death had been a perfunctory tweet Saturday.

isis-killer-beheading-video-story-top Details announced for John McCain's memorial service in Arizona
Aug 29, 2018 - 01:29
Ted Kennedy of MA died in 2009, President Barack Obama ordered flags at the White House be flown at half-staff for five days. In the statement, McCain reflected on the privilege of serving his country and said he tried to do so honorably.