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99 per cent demonetised Rs 1,000 notes returned to RBI

By Vicky

Almost 99 per cent of the demonetised currency notes has returned to the banking system. This was an indication given by the RBI which put out data on its website.

According to the data on the Rs 1,000 notes, almost 99 per cent of the currency in circulation came back into the banking system.

99 per cent demonetised Rs 1,000 notes returned to RBI

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.

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.

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