The Reserve Bank of India (RBI) on 30 August 2017 released the Status of the Return of SBNs- Reserve Bank of India (RBI) Annual Report 2016-17. The report states that around 99 per cent of the demonetised notes that is Rs 15.28 lakh crore have been returned to the bank.
The high-value currency notes of Rs 500 and Rs 1000 were banned by Union Government in November 2016 as a means to combat counterfeiting, black money and the financing of terrorist activities.
RBI was under intense scrutiny since January 2017 after the window for depositing the withdrawn Rs 500 and Rs 1000 banknotes was closed.
Highlights of the report
• Until 30 June 2017, demonetised notes were received by RBI either directly or from bank branches or post offices through the currency chest mechanism. Some of these notes are still in the currency chests.
• The value of the Specified Bank Notes (SBNs) received by the currency chests was credited to the banks’ account and after an estimation, it was found that Rs 15.28 trillion value of SBNs have been returned.
• The currency in Rs 1000 and Rs 500 denomination in circulation was at Rs 15.44 lakh crore before November 2016.
• An estimated Rs 16000 crore worth of demonetised notes have not come back to the RBI so far.
• The report shows that only 89 million pieces of Rs 1000 notes were not deposited.
• During 2016-17, over 762000 pieces of counterfeit notes were detected in the banking system, of which 95.7 per cent were detected by commercial banks. Detection of counterfeit notes was 20.4 per cent higher than the previous year.
• The data also shows that the share of the newly introduced Rs 2000 banknotes in the total value of currency in circulation was 50.2 per cent at the end of March 2017.
What: Stated by RBI report
When: 30 August 2017
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