Reserve Bank of India’s (RBI) annual report shows that 98.96% of Rs 1000 notes and Rs 500 notes that were banned after demonetisation had returned to it by the end of June.

In its note to accounts, the central bank said that “subject to future corrections based on verification process when completed,” the estimated value of the banned notes it “received” was Rs 15.28 trillion. This compares to the Rs 15.44 trillion of banned notes that were in circulation as on 8 November, according to numbers supplied by minister of state for finance Arjun Meghwal to Parliament on 21 January.

Below takeaways from the RBI annual report on demonetisation also question the very purpose of its execution :

89 million notes of Rs 1000 were in circulation at the end of March compared to around 6.3 billion a year ago

RBI supplied 3.5 billion notes of Rs 2000 and 7.2 billion of the new Rs 500 in 2016-17.

Overall, the number of currency notes supplied in 2016-17 amounted to 29 billion compared to 21.2 billion pieces a year ago.

The central bank spent Rs 7965 crore in printing currency notes in 2016-17 more than double the Rs 3420 crore spent a year ago.

It detected 199 counterfeit notes of the new Rs 500 denomination and 638 of Rs 2000 notes. But these were a minuscule proportion of the 762,072 fake note pieces detected during that year, an increase compared to 632,926 pieces a year ago.

At the time of demonetisation inspite of Queue death of more than hundred in umbers Modi and his government supporters Economic advisor repeatedly assured more than 3 lakhs crores black money will not come to bank . But RBI report now proves Government claim as totally wrong.

Also it is important to note RBI (Reserve Bank of India) transferred only Rs 30,659 crore as dividend to the government for the year ended June 2017, this is 50% less than previous year's levels.