99% of the demonetised notes back into the banking system

P Chidambaram hits out at RBI; SP leader to move motion against RBI governor

The RBI has said in its annual report that out of the Rs.15.44 lakh crore demonetised currency, Rs 15.28 lakh crore has come back to it. Thus the figure not returned till end March amounted to a mere 1.3 per cent of Rs 1,000 notes in circulation before the demonetisation announcement on November 8, 2016.

Bengaluru: I-T raids unearth Rs 4.7 crore in new Rs 2,000 currency notes from state govt engineers.

In the weeks following demonetisation, ruling politicians at the Centre had claimed that most of the black money was stocked by people in the form of high-value currency notes like Rs 1000 and Rs 500.

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The report also noted that the value of banknotes in circulation declined by 20.2 per cent over the year to Rs 13.10 lakh crores as on March 31, 2017.

DNA has received information from "confirmed sources", who claim that Rs 1000 currency notes would be re-introduced, and the process has already begun. During the year, the National Crime Records Bureau (NCRB), Ministry of Home Affairs, designed a uniform proforma for collection of fake Indian currency note (FICN) data.

The RBI also launched Rs 200 notes on Friday, August 25.

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"With RBI disclosing the numbers of returned notes today [Wednesday] and the measure having been successfully implemented, the debate should be over", said Economic Affairs Secretary Subhash Garg.

He said, "The Rs 2,000 note will continue to exist but the focus will be on the lower-denomination notes". Significantly, 638 counterfeit notes of new Rs 2,000 notes and 199 old Rs 500 notes (MG series) were also detected. "In volume terms, 10 and 100 banknotes constituted 62.0% of total banknotes in circulation at end-March 2017 as compared with 53.0% at end-March 2016", the annual report notes. The RBI report doesn't clearly say whether demonetistion was a success or a failure. Chidambaram also wondered if demonetisation was "a scheme created to convert black money into white?". These were issued by select RBI offices and some banks.

The Reserve Bank is facilitating implementation of the system in collaboration with NCRB.

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