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

99.3% of demonetized currency returned to banks RBI

Before demonetisation, Rs 500 and Rs 1,000 notes accounted for 86% of the currency in circulation. For instance, parts of the Rs 10,000 crore could lie with money seized by law enforcement, cash still being held with district cooperative banks and in bank notes being held by citizens of Nepal and Bhutan.

"... India's currency to GDP ratio moved up to 10.9 per cent in 2017- 18, returning to being amongst the highest levels of currency usage in peer emerging market economies (EMEs) and advanced economies (AEs) as well". The report also states that the total value of money returned was Rs 15.3 lakh crore against Rs 15.4 lakh crore that was in circulation on Nov 8, 2016. Experts say, that having a large number of Rs 2000 notes in circulation would have defeated the objective of demonetisation, which was to stop circulation of black money.

Former finance minister P Chidambaram claimed that more than 100 lives were lost and lakhs of jobs were destroyed due to closure of businesses after demonetisation.

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

"The notes issued increased by 26.93 per cent from Rs 15,063.31 billion as on June 30, 2017 to Rs 19,119.60 billion as on June 30, 2018", the report said. This year, it transferred Rs 500 billion to the government as dividend, compared with Rs 306.6 billion a year ago.

Sen also mentioned the use of black money, he said that trade and money lending are the commonest ones. "My first question now is - where has the black money gone?" she remarked.

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It took almost two years for RBI to complete the tasks of processing and verifying banned currency notes, its annual report showed.

It must be noted that the Reserve Bank of India (RBI) today said in its 2017-18 annual report that 99.3 per cent of banned notes were returned in the banking system after demonetisation.

The annual report, curiously, also provides a glimpse of how attempts at remonetisation over the previous year focused heavily on supplying the new Rs 500 and Rs 200 currency notes.

RBI data showed that the value of banknotes in circulation increased by 37.7% over the year to Rs. 18.04 lakh crore at end-March 2018.

"The very large task of processing and verification of Specified Bank Notes (SBNs) was successfully achieved", RBI said. However, the supply of banknotes was lower than the previous year.

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