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99% of banned 1,000-rupee notes returned, Says RBI

RBI

New Delhi: The Reserve Bank of India (RBI) in its annual report today revealed that 8.9 crore pieces of Rs 1,000 notes (1.4 per cent of total Rs 1,000 notes), worth Rs 8,900 crore, did not return as of March 2017. The central bank also said 632.6 crore pieces of Rs 1,000 notes were in circulation in March 2016.

Prime Minister Narendra Modi last year in a surprise move banned Rs 500 and Rs 1,000 notes to counter black money, with the high denomination notes losing their legal tender status from midnight of November 8. After the shock note ban decision, the government gave a 50-day window to deposit old notes by December 30, 2016. However, for some other categories of people, like NRIs, the deadline expired on June 30, 2017.

According to a reply given in Rajya Sabha on December 2 by Minister of State for Finance Arjun Ram Meghwal, there were 1,716.5 crore pieces of 500 notes and 685.8 crore pieces of Rs 1,000 notes in circulation. That amounted to a total of Rs 15.44 lakh crore in value.

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