99.40% of demonetised notes returned: RBI

99.3% of demonetized currency returned to banks RBI

99.3% of demonetized currency returned to banks RBI

At the time of demonetization three were 17165 million units of Rs 500 notes and 6858 million units of the Rs 1000 notes which together added up to Rs 15.44 lakh crore of currency that was demonetized.

Over 99.3% of the banned banknotes in circulation before demonetisation have been returned to the Reserve Bank of India, its annual report for 2017-'18 said on Wednesday.

The report says that the central bank has finished counting, verifying and processing currency bills which were returned after the note ban during a limited period window.

There were reports of illegal hoarding of the Rs 2000 bank notes after it was introduced to remonetise the withdrawn Rs 500 and Rs 1000 bank notes from the system.

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Overall indent for 2017-18 was higher by 9.1% as compared to the preceding year.

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 value of the such notes returned from circulation was ₹15,310.73 lakh crore. However, the supply of banknotes was lower than that in the previous year. While the report predicted headline inflation to face upside risks for the rest of the year, it foresaw "heavy impact" on trade deficit on account of global crude oil prices.

The retail inflation for the month of July cooled to 4.17 per cent, from 5 per cent during the previous month. This year, it transferred Rs 500 billion to the government as dividend, compared with Rs 306.6 billion a year ago.

The task RBI said was completed by augmenting the processing capacity resorting to night shifts along with day shifts and working 6 days a week and using 8 additional machines available with commercial banks and taking 7 machines on lease from vendors.

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