Almost all of the currency banned during demonetisation is back with the Reserve Bank of India, the central bank’s annual report for 2017-18 stated on Wednesday.The processing of demonetised old Rs 500, 1,000 notes has been completed and that 99.30% of demonetised notes returned. The total value of demonetised notes in circulation on November 8, 2016, the date of demonetisation, was Rs 15.42 lakh crore, out of which Rs 15.31 lakh crore returned to the system, RBI said in its 2017-18 annual report. The value of banknotes in circulation increased by 37.7 percent over the year to Rs 18,037 billion as at end-March 2018. The volume of banknotes, however, increased by 2.1 percent. In value terms, the share of Rs 500 and Rs 2,000 banknotes, which had together accounted for 72.7 percent of the total value of banknotes in circulation at end-March 2017, increased to 80.2 percent as at end-March 2018, RBI said.In a surprise decision, Narendra Modi government had announced the demonetisation of all Rs 500 and Rs 1000 banknotes on November 8, 2016.
from The Economic Times https://ift.tt/2PbqVa2
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