Over 99% of demonetised notes were returned: RBI

Demonetisation Flawed in planning not in principle

99.3 per cent of demonetised currency returned to banks: RBI

The RBI said that the "humungous task of processing and verification of specified bank notes was successfully achieved and the total specified banknotes returned from circulation is Rs. 15,310.73 billion".

The RBI says most of the demonetised currency is back, indicating that just a minuscule percentage of currency was left out of the system after BJP government's call for unprecedented note ban aimed at curbing black money and corruption.

The new Rs 2,000 note - which was initially believed to have come printed with better security measures - was also not immune to counterfeit. Similarly, 9,892 pieces of counterfeit notes were detected in the new Rs 500 banknotes in 2017-18 - a 4178 per cent jump from 199 in the previous fiscal.

Congress chief spokesperson Randeep Surjewala said the prime minister in his 2017 Independence Day speech had claimed that over Rs 3 lakh crore unaccounted money will come back to the system.

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A collateral damage as a result of rise in printing and other cost was dividend RBI pays to the government.

According to the report, out of the Rs.15.41 lakh crore of Rs. 500 and Rs. 1,000 notes in circulation post demonetisation, nearly Rs.15.31 lakh crore notes worth have been returned.

"So, government and RBI actually demonetised only Rs 13,000 crore and the country paid a huge price". The volume of banknotes, however, increased by 2.1 per cent.

With more Rs. 500 notes having been pumped into the system over the last year, the share of Rs. 2,000 notes by value declined to 37.3% as on March 2018, compared with 50.2% a year earlier.

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The process of verifying banned notes involved working in two shifts under strenuous conditions, maintaining detailed records and planning effectively without compromising on other functions of currency management.

SBNs refer to the demonetised old 500 and 1,000 rupee. "This works out to around 88% of its underlying three-year-trend had there been no demonetisation", the central bank notes. "125 crore Indians, destroyed the Indian economy, demolished India's global image and brought absolutely no gain to the country", he said.

A man counts 500 and 1000 Indian rupee banknotes outside a branch of Bank of India in Mumbai, India, November 10, 2016.

The annual report, curiously, also provides a glimpse of how attempts at remonetisation over the past year focused heavily on supplying the new Rs 500 and Rs 200 currency notes.

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During the reporting financial year, 522,783 pieces of counterfeit notes were detected in the banking system, which was 31.4 per cent lower than in the previous year.

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