RBI annual report: 99.3% of demonetised currency returned to banking system

30 August, 2018, 17:27 | Author: Teresa Adams
  • 99.3% of demonetized-notes worth Rs. 15.31-lakh-crore returned to banks: RBI

Besides, the value of bank notes in circulation has increased by 37.7% over the year, reaching Rs 18,037 lakh crore by the end of March 2018.

The RBI said the processing of SBNs has since been completed.

Thousands of SME units were shut down, lakhs of jobs were destroyed and the Indian economy lost 1.5% of GDP in terms of growth, Chidambaram said in another tweet.

Rahul Gandhi accused Prime Minister Narendra Modi's demonetisation move failing to eradicate black money.

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"There are some small notes which are stuck in the whole process, which can come back". 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.

"Whether demonetisation has failed or not depends on its objective".

Prime Minister Narendra Modi's decision to ban high-value currency notes of Rs 500 and Rs 1000, along with the introduction of the goods and services tax (GST) previous year, acted as a drag on the Indian economy.

The RBI has received Rs 15.31 lakh crore of Rs 500 and Rs 1,000 notes, or 99.3 per cent of the Rs 15.417 lakh crore worth of notes which were in circulation as on November 8, 2016, when the government announced demonetisation, the central bank said in its annual report for 2017-18 released on Wednesday.

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In reply to whether an MoU has been signed with Nepal and Bangladesh on the fate of the demonetised currencies lying in those countries, he said "there are some notes in Nepal in the central bank and in Bangladesh it is even lower".

Bharatiya Janata Party spokesperson Sambit Patra said black money found an address due to demonetisation, carried out in November 2016, and prompted the government to bring over 18 lakh suspect bank accounts under scrutiny. The government, while announcing demonetisation, had also cited checking counterfeit notes as one of the reasons.

These estimates, it has not become clear, were wild guesses: the RBI has indicated that 99.3% of the demonetised currency or roughly Rs 15.31 lakh crore was returned. "The entire trade sector functions on cash, a sizeable portion of which is black money".

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. However, this is more than double the amount of Rs. 3,421 crore that was spent in the previous year (July 2016 to June 2017).

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