Nearly 99% of demonetised notes back in the system, says RBI’s annual report
The central bank said these figures were only an estimate and may be corrected later for ‘numerical authenticity’.
As much as Rs 15.28 lakh crore had returned to the banking system on June 30 after the demonetisation drive announced on November 8, the Reserve Bank of India said in its annual report on Wednesday. The amount comprises more than 99% of the value of the currency that was scrapped in November, which was pegged at Rs 15.44 lakh crore.
The central bank said that these figures were only an estimate and may be corrected later as the Rs 500 and Rs 1,000 notes deposited after demonetisation have yet to be processed for “numerical authenticity”.
“Till such time these notes are processed by the Reserve Bank for their numerical accuracy and authenticity, only an estimation of specified bank notes received back is possible,” the RBI report said. “Subject to future corrections based on verification process when completed, the estimated value of SBNs [Specified Bank Notes] received as on June 30, 2017, is Rs 15.28 trillion.”
The Centre scrapped Rs 500 and Rs 1,000 notes on November 8, claiming that this would eradicate black money, fake currency and corruption. As the bills went out of circulation, the RBI issued Rs 2,000 notes and a new series of Rs 500 notes. Currently, these two high-denomination currency make up for more than 70% of all currency in circulation by value, according to RBI data.