Monday, 19 November, 2018

99.3% Of Demonetised Currency Back In System: RBI Report

99.3% of demonetized currency returned to banks RBI 99.3% of demonetized-notes worth Rs. 15.31-lakh-crore returned to banks: RBI
Jan Cook | 30 August, 2018, 17:26

Almost 2 years after demonetisation, the Reserve Bank of India (RBI) on Wednesday, in its 2017-18 annual report said that 99.3 percent of banned notes were returned in the banking system.

Of the Rs 15.41 lakh crore worth 500 and 1,000 rupee notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned. Counterfeit notes of Rs 100 denomination continue to dominate the fake Indian currency note (FICN) segment with 45.75 per cent of the fake notes recovered in 2017-18 being of Rs 100 denomination, according to the Reserve Bank of India's (RBI) annual report for the year 2017-18.

Political parties were quick to corner the BJP-led Narendra Modi government that demonetised high-value currency notes to curb black money. "The total value of SBNs returned from circulation is Rs 15,31,073 lakh crore", the central bank said. Verification and process in of the SBNs has been completed. "If that was the objective then yes, it has failed because Rs 13,000 crore is the amount, which is possibly held outside the country in nations such as Nepal, Bhutan, Bangladesh, Burma who simply did not have the facility to exchange the currency", the news channel reported Sen as saying.

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. Lakhs of jobs were destroyed.

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Without elaborating further, Garg said that the government has achieved the targets it had set for the demonetisation drive, including checking black money, conterfeit currency and terror funding and encouraging digital transactions. Meanwhile, the central bank may soon come up with varnished notes to increase their lifespan, which would not only reduce replacement requirement but would also save the central bank from security printing expenditure. Instead, a new Rs 2,000 notes were introduced post note ban. Over five lakh shell companies were closed down, he said. "The value share of high denomination currency (Rs 500 and Rs 2,000 notes) in overall currency composition in March 2018 was 80.6 per cent, which is lower than it was in the pre-demonetisation period (86.4 per cent)".

"Compared to the previous year, there was an increase of 35 per cent in counterfeit notes detected in the denomination of Rs 100, while there was a noticeable increase of 154.3 per cent in counterfeit notes detected in the denomination of Rs 50", RBI said adding that counterfeit notes detected in the new Rs 500 and Rs 2,000 notes during 2017-18 were 9,892 and 17,929 as against 199 and 638, respectively, during the previous year.

The RBI, in its previous annual report released, in August 2017 had stated that Rs 15.28 lakh crore, or 99 per cent of the demonetised currencies totally worth Rs 15.44 lakh crore, had returned to the banks by 30 June 2017.

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