RBI Report 99% of demonetized notes of Rs.1000 and 500 back with Central Bank

RBI Report 99% of demonetized notes of Rs.1000 and 500 back with Central Bank

The Reserve Bank of India on Wednesday revealed in its annual report that Rs 15.28 lakh crore, or 99 per cent of the Rs 15.44-lakh-crore scrapped currency notes, had come back to the central bank since the government’s demonetization decision.

the RBI report said that about 89 million units of the demonetized Rs 1,000 notes, worth Rs 8,900 crore, had not come back into the system.

RBI annual report said, the share of the newly introduced Rs 2,000 notes in the total value of banknotes in circulation as at March-end was a little more than 50 per cent.

central bank spent Rs 7,965 crore on printing new currency notes in 2016-17

RBI Annual Report said only 1.3% of Rs 1,000 notes in circulation didn't return in demonetization

BJP government banned currency notes of Rs. 500 and Rs. 1000 and brought in circulation new currency notes of Rs. 2000 and Rs. 500, this action of government failed the purpose of banning notes and it just became a note exchange program run by BJP government.

Demonetization failed 100%
Reasons for banning notes –
Fake currency = failed
Black money = failed

Currency notes of Rs. 2000 and Rs. 500 help black money keepers to keep double money in a same bag or under bathroom tiles or walls or under beds.

Hope in 2019 BJP government will ban or withdraw currency notes of Rs. 2000 and Rs. 500.

Reality views by sm –

Wednesday, August 30, 2017

Tags – Demonetized Notes RBI