Over 99% of demonetised notes were returned: RBI

31 August, 2018, 02:11 | Author: Sheri Evans
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PM Modi had scrapped Rs 500 and Rs 1,000 notes in a surprise announcement on November 8, 2016.

The detection of counterfeit notes in the Rs 50 and Rs 100 denomination witnessed a record high in 2017-18 compared with two preceding fiscals, the RBI announced on Wednesday.

The government had introduced Rs 500 and Rs 2000 notes after demonetisation, which absorbed 85 per cent of the old currency notes from the economy. "The total value of SBNs returned from circulation is Rs 15,310.73 billion". "The process of demonetisation is now complete", he said.

In August 2017, while defending demonetisation, the government had said that close to Rs 3 lakh crore, which was earlier not part of the banking system, had been deposited in banks.

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India's main opposition Congress party on Thursday lashed out at Prime Minister Narendra Modi after Reserve Bank of India (RBI) data showed that his shock 2016 move to ban high-value notes failed to meet his key objective of flushing out money hidden from the tax man.

He said for the Rs 13,000 crore, which did not come back to the banks, the country lost Rs 2.25 lakh crore worth of GDP, crores of jobs and over a hundred lives.

"That alone was a loss of Rs 2.25 lakh crore a year", he said. Thousands of SMEs were shut.

RBI in its annual report for 2017-18 said counting the demonetised notes is over.

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In a series of tweets, the former finance minister also said the RBI figure has suggested that the government had actually demonetised only Rs 13,000 crore and the "country paid a huge price" for it.

Notwithstanding the fact that only over Rs.10,000 crore of demonetised money did not come back to the RBI, government on Wednesday claimed that it has achieved the targets it had set in its decision, including checking black money, counterfeit currency and terror funding while encouraging digital transactions.

Asked about reports of fake notes presented to the banks post-demonetisation, Garg said previous year in a RBI report it was said, that all the notes were verified and the amount of fake notes was "minuscule and ignorable".

The Congress leader feared that at the end of this exercise, the government may have more than 100 pc of the currency that was demonetised, as the RBI is yet to take into account currency notes in Nepal and Bhutan besides the money blocked in court cases. This meant just Rs 10,720 crore of the junked currency did not return to the banking system.

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Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, when the demonetisation was announced, notes worth Rs 15.31 lakh core (99.3 per cent) have been returned.

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