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89 million out of 67 billion Rs 1,000 demonetised notes didn't come back to system: RBI

By Vicky
|

The Reserve Bank of India has said that out of the 6.7 billion pieces of the Rs 1,000 notes, 89 pieces never came back.

The data suggests at the end of March 2017, there were Rs 8,925 crore worth of Rs 1,000 notes still in 'circulation'. According to the RBI, "notes in circulation" are all notes held outside Reserve Bank - that is by the public, banks treasuries and so on. Thus, this figure represents the total of all Rs 1,000 notes that were not deposited with the banks after note-bandi starting November 8 last year.

89 million out of 67 billion Rs 1,000 demonetised notes didn't come back to system: RBI

This goes on to suggest that just 1.3 per cent of the notes were not returned. The data has however not been provided for the Rs 500 notes which were also demonetised.

The RBI further said that the estimated value of Specified Bank Notes (SBNs) received as on June 30, 2017 is Rs. 15.28 trillion.

The central bank said that the value of notes in circulation was down 20.2 percent YoY to Rs 13.1 lakh crore till March-end from a year ago. On the other hand, volume of notes in circulation has increased by 11.1 percent.

RBI said it pumped in 2380 crore notes totalling Rs 5.54 lakh crore in the two months post demonetization between November 9 to Decemeber 31.

In 2016-17, the banking regulator who is in charge of printing currency notes has spent Rs 7,965 crore on printing them. A majority cost would include the printing of new Rs 500 and Rs 2000 denomination notes.

OneIndia News

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