99% Of Banned 1,000-Rupee Notes Returned, Says RBI

The Reserve Bank of India (RBI) in its annual report today revealed that 8.9 crore pieces of Rs. 1,000 notes (1.4 per cent of total Rs. 1,000 notes), worth Rs. 8,900 crore, did not return as of March 2017. The central bank also said 632.6 crore pieces of Rs. 1,000 notes were in circulation in March 2016.

Prime Minister Narendra Modi last year in a surprise move banned Rs. 500 and Rs. 1,000 notes to counter black money, with the high denomination notes losing their legal tender status from midnight of November 8. After the shock note ban decision, the government gave a 50-day window to deposit old notes by December 30, 2016. However, for some other categories of people, like NRIs, the deadline expired on June 30, 2017.

According to a reply given in Rajya Sabha on December 2 by Minister of State for Finance Arjun Ram Meghwal, there were 1,716.5 crore pieces of 500 notes and 685.8 crore pieces of Rs. 1,000 notes in circulation. That amounted to a total of Rs. 15.44 lakh crore in value.

Here are some other highlights from the RBI’s annual report:

The value of banknotes in circulation declined by 20.2 per cent over the year to Rs. 13.1 lakh crore as of end-March 2017.

The share of newly-introduced Rs. 2,000 banknotes in total value of banknotes in circulation was 50.2 per cent at end-March 2017.

7.62 lakh pieces of counterfeit currency notes were detected in FY17 as against 6.32 lakh in FY16.

Cost of printing notes doubled to Rs. 7,965 crore in FY17 from Rs. 3,421 crore in FY16 on account of printing of the new currency.

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