Almost all the demonetized notes came back to Reserve Bank of India according to RBI’s annual report for 2017-18. RBI said Rs 15.31 lakh crore notes were returned out Rs 15.44 lakh crore notes that were demonetized.
At the time of demonetization three were 17165 million units of Rs 500 notes and 6858 million units of the Rs 1000 notes which together added up to Rs 15.44 lakh crore of currency that was demonetized.
After nearly two years since the demonetization on November 9, Reserve Bank of India(RBI) says that verification of the banned notes are complete.
RBI’s annual report for 2017-18 said, The processing of SBNs has since been completed at all centers of the Reserve Bank.”
The task RBI said was completed by augmenting the processing capacity resorting to night shifts along with day shifts and working 6 days a week and using 8 additional machines available with commercial banks and taking 7 machines on lease from vendors.
Diversion of SBNs from Issue Circles having surplus SBNs to Issue Circles having surplus processing capacity was also effected for ensuring near simultaneous completion of processing at all the Issue Offices of the Bank.
The value of banknotes in circulation increased by 37.7% 0ver the previous year to Rs 18,037 billion as at end-March 2018.
The volume of banknotes, however, increased by 2.1% In value terms, the share of Rs 500 and Rs 2000 banknotes, which had together accounted for 72.7% of the total value of banknotes in circulation at end-March 2017, increased to 80.2 % as at end-March 2018.
The share of newly introduced Rs 200 banknotes in the total value of banknotes in circulation was 2.1 % as at end-March 2018.
In volume terms, Rs 10 and Rs 100 banknotes constituted 51.6 % of total banknotes in circulation as at endMarch 2018 as compared to 62.0 % at end-March 2017 the RBI annual report said.
It is also important to note Post demonetisation hundreds of crores of huge seizure of 2000 Rs currencies in IT raids indicate active circulation of black money and also news often flashing about counterfeit notes even on ATM machines of new currencies on cards
With this figure finally out Economists wondering what is benefit of demonetisation considering the amount spend on reprinting of new currency 500 2000 notes and recalibration of ATM machines that crossed expenses more than 20000 crores
