99.3% Of Demonetised Currency Notes Returned To Banks So Far: RBI

Interestingly compared with the previous year there was an increase of 35 per cent in counterfeit notes detected in the denomination of Rs 100

Of the Rs 15.41 lakh crore worth 500 and 1,000 rupee notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned. This is in sharp contrast to the government's push for digitisation and a less-cash economy. RBI has informed that the Specified Bank Notes Processing has been completed at all centers of the Reserve Bank.

The Congress had earlier demanded an apology from Prime Minister Narendra Modi for allegedly lying to the country, after the RBI said 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system.

Prime Minister Narendra Modi, in a televised address, had announced the scrapping of Rs 1,000 and Rs 500 notes on 8 November 2016, touting it as an attack on black money, corruption and terror funding. All the notes which have been received have been counted.

The Reserve Bank of India finally revealed the quantum of notes that have returned into the system post the Demonetization.

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"I suspect that the bulk of the Rs 13,000 crore is in Nepal and Bhutan and some that was lost or destroyed". In the immediate aftermath of the demonetisation measure effected in November, 2016 the government had claimed that a sum of Rs. three lakh crore to Rs. four lakh crore would not come back to the banks, implying that it would correspond to the unaccounted money in the system. Data presented in the RBI's annual report show that while only 638 pieces of fake Rs 2,000 notes were detected in 2016-17, it jumped up to 17,929 pieces (worth Rs 360 million approximately) in 2017-2018. Remember who had said that Rs 3 lakh crore will not come back and that will be a gain for the government? At a press conference on Wednesday evening, senior finance ministry official Subhash Chandra Garg refused to elaborate on how demonetisation helped crack down on black money.

Sen also mentioned the use of black money, he said that trade and money lending are the commonest ones. It is a natural process as the GDP grows, payment system grows, currency grows. The government, while announcing demonetisation, had also cited checking counterfeit notes as one of the reasons.

In March 2017, the share of Rs 500 and Rs 2,000 currency notes, in value terms, accounted for 72.7% of the total value of banknotes in circulation.

Apart from the currency figures RBI Annual Report for the year, 2017-18 stated that in the evolution of monetary aggregates, currency in circulation surpassed its pre-demonetisation level while credit growth revived to double digits from a historic low in the previous year.

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