Nearly 99 percent of demonetised currency is back: RBI

Nearly 99 percent of demonetised currency is back: RBI

Nearly 99 percent of demonetised currency is back: RBI

On that day total currency in circulation stood at Rs 17.97 lakh crore, of which 86 per cent, or Rs 15.44 lakh crore, was scrapped by demonetisation of Rs 500 and Rs 1,000 notes.

After Prime Minister Narendra Modi banned Rs 1000 and Rs 500 notes, the whole country has been under currency crisis.

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.

According to the report, around 89 million old Rs 1000 notes were in circulation in March 2017, while in March 2016, around 6.3 billion Rs 1000 notes were in circulation.

In a bid to meet cash requirements, the RBI introduced a new denomination - Rs 2,000 notes.

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In the weeks following demonetisation, ruling politicians at the Centre had claimed that most of the black money was stocked by people in the form of high-value currency notes like Rs 1000 and Rs 500. RBI pumped in 2380 crore notes in circulation between Nov 9-Dec 31.

As per an exclusive by DNA, it has been revealed that Rs 1000 currency note is making a grand comeback, and as early as December, 2017, the new currency can hit the market.

How have, in value terms the Rs 500 and Rs 2,000 banknotes fared?

Former finance minister P Chidambaram said: "99 percent notes legally exchanged!" However, the RBI pointed out that these figures are provisional and could change after the verification of numerical accuracy and authenticity of the deposited notes.

On November 8, the Modi government kicked off a massive demonetisation exercise in a move that was aimed at curbing black money, fake currency and corruption. "That is 1%. Shame on RBI which "recommended" demonetisation", P. Chidambaram said. These were issued by select RBI offices and some banks. Mint Road's Annual Report says there appears to be a structural break in the volume and value of retail electronic payments, coinciding with the onset of demonetisation and the special measures put in place to promote digital payments. The value of the SBNs received by the currency chests has been credited to the banks' account on "said to contain basis".

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