99.3% Of Demonetised Currency Back In System: RBI Report

99.3% of demonetized currency returned to banks RBI

RBI has informed that the Specified Bank Notes Processing has been completed at all centers of the Reserve Bank.

SBNs refer to demonetized old Rs. 500 and Rs. 1,000.

The RBI report said that during the year, 27.7 billion pieces of banknotes were disposed of as against 12.5 billion pieces the previous year, mainly on account of the accelerated processing of SBNs of ₹500 and ₹1,000 denominations. For instance, the SBI's economic research department, headed by chief economist Soumya Kanti Ghosh, predicted that up to Rs 2.5 lakh crore wouldn't come back into the banking system.

The total value of SBNs returned to banks is Rs 15.31 trillion, RBI said in its 2017-18 annual report.

Tewari claimed as a effect of the demonetisation exercise, the dividend paid by the RBI to the government of India was halved from Rs 65,876 crore in 2015-16 to Rs 30,659 crore in 2016-17.

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Banks received Rs 15.31 lakh crore or 99.3% of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes that were in circulation on November 8, 2016 - the day when the note ban was announced, according to the RBI. "Almost the entire amount came back, which showed that people were not hoarding money in cash". For instance, parts of the Rs 10,000 crore could lie with money seized by law enforcement, cash still being held with district cooperative banks and in bank notes being held by citizens of Nepal and Bhutan. "Swadeshi" economist S. Gurumurthy, who was recently appointed to the RBI's board, called it a "much-needed attack on excessive liquidity", while other government officials decried the high proportion of Rs 500 and Rs 1,000 notes. It is a natural process as the GDP grows, payment system grows, currency grows.

The share of newly-introduced ₹200 notes in the total value of banknotes in circulation was 2.1 per cent as at end-March 2018. There was, however, a 2.1% increase in the volume of banknotes. More than 100 lives were lost in the panic to exchange old notes for new ones, millions of daily-wage earners lost their livelihood for several weeks, thousands of small and medium enterprises were shut down and many jobs were destroyed, he said via Twitter.

Overall, the value of banknotes in circulation increased to Rs 18.04 lakh as at the end of March 2018, a 37.7% year-on-year increase.

"It has helped India move faster towards a digital economy".

Apart from the currency figures RBI Annual Report for the year, 2017-18 stated that in the evolution of monetary aggregates, currency in circulation surpassed its pre-demonetisation level while credit growth revived to double digits from a historic low in the previous year.

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