RBI says after Demonetisation 8.9 Million notes of Rs 1000 were not Returned

Posted by Kushagra Asati
August 30, 2017

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New Delhi: The Reserve Bank of India (RBI) has made the biggest disclosure of Rs 500 and 1000 rupees notes closed on Wednesday. RBI has said that out of the 15.44 lakh crore rupees in circulation in the country during the ban on the ban imposed in November last year, 15.28 lakh crore rupees have come back to the system. The Reserve Bank said that after the ban, 8.9 crore notes out of total 632.6 million notes of old rupees 1,000 have not returned yet.

The annual report issued by the Reserve Bank said that after printing, the printing of new notes doubled in the year 2016-17 to Rs 7,965 crore, which was Rs 3,421 crore in 2015-16. The Reserve Bank also said that in the financial year 2016-17, 7.62 lakh duplicate notes were detected, while 6.32 lakh fake notes were detected in 2015-16.

It is worth noting that the government had banned notes of 500 rupees and 1000 rupees on November 8, 2016. Reserve Bank said that until March 31, 2017, there were 588.2 million notes in the country of 500 rupees, both older and new were in circulation. On March 31, 2016, the number of notes in the circulation of 500 rupees was 1570.7 million.

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