Friday, November 09, 2018 Last Updated 10 Min 58 Sec ago Malayalam Edition
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Wednesday 29 Aug 2018 01.23 PM

99.3% of junked Rs 500, Rs 1,000 notes returned to banks: RBI

Rs 500, Rs 1000, RBI

Mumbai : As much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, the RBI said today, indicating that just a miniscule percentage of currency was left out of the system after the government's unprecedented note ban aimed at curbing black money and corruption. The Reserve Bank of India (RBI), which has taken an awfully long time to count the currency that was returned in the limited period window provided by the government to exchange or deposit the demonetised currency, said in its Annual Report for 2017-18 that the exercise is finally over.

Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, when the note ban was announced, notes worth Rs 15.31 lakh crore have been returned. This meant just Rs 10,720 crore of the junked currency did not return to the banking system. After the note ban, old junked notes, called specified bank notes (SBNs), were allowed to be deposited in banks with unusual deposits coming under income tax scrutiny.

The "humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved," it said. The SBNs received were verified, counted and processed in the sophisticated high speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded, it added.RBI said the processing of SBNs has since been completed. "The total SBNs returned from circulation is Rs 15,310.73 billion." A collateral damage as a result of rise in printing and other cost was dividend RBI pays to the government.

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