Over 99 percent of demonetised currency has returned: RBI

Over 99 percent of demonetised currency has returned: RBI

New Delhi: The Reserve Bank of India on Wednesday said that more than 99 percent of the old Rs 500 and Rs1000 notes, which were banned by the Centre in 2016, have returned.

The information was shared by the RBI in its annual report published on Wednesday.

The Centre had banned the old Rs500 and Rs1000 currency notes on November 8, 2016.

The RBI in its annual report said: ” The total SBNs returned from circulation is Rs15,310.73 billion.”

As per RBI data, the value of banknotes in circulation increased by 37.7 per cent over the year to Rs. 18,037 billion as at end-March 2018.

“The volume of banknotes, however, increased by 2.1 per cent. In value terms, the share of Rs500 and Rs 2000 banknotes, which had together accounted for 72.7 per cent of the total value of banknotes in circulation at end-March 2017, increased to 80.2 per cent as at end-March 2018,” read the report published by the bank.

–IBNS

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