99.3% of demonetized cash came back to banks: RBI - World News Headlines|India News|Tech news | world news today|Sports news,worldnewsheadline

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Wednesday, August 29, 2018

99.3% of demonetized cash came back to banks: RBI

99.3% of demonetized cash came back to banks: RBI 


Around 99.3 for every penny of the rejected ₹500 and ₹1,000 take note of, that was prohibited medium-term in November 2016, have been restored, the Reserve Bank of India said in its yearly report discharged on Wednesday. 

Of the ₹15.41 lakh crore worth ₹500 and ₹1,000 notes available for use before November 8, 2016, notes worth ₹15.31 lakh crore have been returned. The "humungous errand of preparing and check for indicated monetary certificates (SBNs) was effectively accomplished," it said. 

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The SBNs got were confirmed, included and prepared the modern rapid cash check and handling framework (CVPS) for precision and validity and afterward destroyed, it included. The SBNs allude to the demonetized ₹500 and ₹1,000 rupee. The RBI said the preparing of SBNs has since been finished. "The aggregate SBNs came back from the flow is ₹15,310.73 billion." Post-demonetisation, the RBI burned through ₹7,965 crore in 2016-17 on printing new ₹500 and ₹2,000 and other division notes, more than twofold the ₹3,421 crore spent in the earlier year. 

In 2017-18 (July 2017 to June 2018), it spent another ₹4,912 crore on the printing of money, the yearly report said. 

The demonetization was hailed as a stage that would control dark cash, debasement and check fake money yet RBI stated, "Fake notes recognized in SBNs diminished by 59.7 and 59.6 for every penny in the divisions of ₹500 and ₹1,000, separately." Contrasted with the earlier year, there was an expansion of 35 for each penny in fake notes identified in the group of ₹100, while there was a perceptible increment of 154.3 for every penny in fake notes recognized in the division of ₹50," RBI said including that fake notes distinguished in the new Rs 500 and Rs 2,000 notes amid 2017-18 were 9,892 and 17,929 as against 199 and 638, separately, amid the earlier year.

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