99.3% of demonetised currency returned to banks: RBI
30 August, 2018, 17:28 | Author: Kristi Dunn
The Reserve Bank of India's annual report for 2017-18 said more than 99% of the Rs. 500 and Rs. 1,000 notes, which were withdrawn from circulation in November 2016, had been returned to the central bank.
The RBI also said the value of banknotes in circulation stands at 18 lakh crore till the end of the last fiscal.
The report states, "SBNs (specified banknotes) were received by the Reserve Bank either directly or from bank branches/ post offices through the currency chest mechanism". The SBNs received were verified, counted and processed in the sophisticated high speed CVPS (currency verification and processing system) for accuracy and genuineness, and shredded and briquetted in the shredding and briquetting system, it said. It is important to note here that the new Rs 2000-notes were only introduced into the system couple of days after demonetisation kicked in on November 8, 2016. "After demonetization if it had grown at that rate, the currency, which is in the system today, is 87-88 per cent of that.so the Rs 3 lakh to Rs 4 lakh crore less currency is in the system today than it would have been had the old system been in place", he said in an apparent reference to the Rs. three lakh to Rs. four lakh that was claimed would be extinct.
"There are some small notes which are stuck in the whole process, which can come back". They have been disposed of and the final account that has come up is about Rs. 10 thousand odd crore of the notes have not come back.
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"I suspect that the bulk of the Rs 13,000 crore is currency in Nepal and Bhutan and some that was lost or destroyed". Over 100 lives were lost. "Lakhs of jobs were destroyed", Chidambaram tweeted. Indian economy lost 1.5 per cent of GDP in terms of growth. For instance, the SBI's economic research department, headed by chief economist Soumya Kanti Ghosh, predicted that up to Rs 2.5 lakh crore wouldn't come back into the banking system.
The party said the return of nearly all the junked notes meant that the government had failed to unearth any black money, check terror financing and eradicate fake currency as promised by Modi while announcing noteban.
The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1,000 notes have been made.
Now, that the statistics have been revealed the entire argument of Modi government that the exercise curbed black money that has been in circulation falls flat. Over five lakh shell companies were closed down, he said.
"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.
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