Over 99% of demonetised notes were returned: RBI

ChinmayaIAS Academy - Current Affairs August 30, 2018 Banking, GS-III Leave a comment 608 Views

The Reserve Bank of India’s annual report for 2017-18 said more than 99% of the Rs. 500 and Rs. 1,000 notes withdrawn from circulation in November 2016 had been returned to the central bank. According to the report, after verification and reconciliation, the total value of the Rs. 500 and Rs. 1,000 notes as on November 8, 2016, the day before the note ban came into effect, was Rs. 15.41 lakh crore. The total value of such notes returned from circulation is Rs. 15.31 lakh crore. RBI data showed that the value of banknotes in circulation increased by 37.7% over the year to Rs. 18.04 lakh crore as at end-March 2018.

Source : https://www.thehindu.com/todays-paper/over-99-of-demonetised-notes-returned-rbi/article24814683.ece

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