Indians turned in nearly all the currency notes banned in 2016: RBI

99.3 Per Cent Of Demonetised Notes Returned To Banks RBI

The total value of SBNs in circulation as on November 08, 2016, post verification and reconciliation, was Rs 15,417.93 billion.

The Reserve Bank of India, which has taken an awfully long time to count the currency that was returned in the limited period window provided by the government to exchange or deposit the demonetised currency, said in its Annual Report for 2017-18 that the exercise is finally over.

The demonetisation was hailed as a step that would curb black money, corruption and check counterfeit currency but RBI said, "Counterfeit notes detected in SBNs decreased by 59.7 and 59.6 per cent in the denominations of Rs 500 and Rs 1,000, respectively".

"The total SBNs returned from circulation is Rs 15,310.73 billion", the RBI said in its report.

It took almost two years for RBI to complete the tasks of processing and verifying banned currency notes, its annual report showed. They have been disposed of and the final account that has come up is about Rs. 10 thousand odd crore of the notes have not come back.

Stating that the country paid a huge price for demonetisation, he said: "Over 100 lives were lost, 15 crore daily wage earners lost their livelihood for several weeks".

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Prime Minister Narendra Modi stunned India with his so-called demonetisation campaign that he said aimed to uncover unaccounted wealth and counterfeit money. Lakhs of jobs were destroyed. Experts say, that having a large number of Rs 2000 notes in circulation would have defeated the goal of demonetisation, which was to stop circulation of black money. 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. Indian economy lost 1.5 per cent of GDP in terms of growth.

Quoting RBI report, the Trinamool Congress supremo said 99.3 per cent of the demonetised money has come back to the banking system.

"I think demonetisation achieved its objective quite substantially", Garg said, declining to elaborate.

The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1,000 notes have been made. "The currency in the system now is 87-88 per cent, that is about Rs 3-4 lakh crore less currency than it would have been if the system would have continued in the old manner", he said. The share of Rs 2,000 notes by value has declined to 37.3% as on March 2018 as compared to 50.2% a year ago. At least this is what the numbers make us feel as 99.3 per cent of demonetised notes have returned into the system revealed the annual report of 2017-18 released by RBI on Wednesday.

According to official data given by the RBI, the value of banknotes in circulation has increased by 37.7% over the year to ₹18,037 lakh crore as at end-March 2018.

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