89 mn out of 6.7 bn Rs. 1,000 notes not returned after demonetization, says RBI annual report

New Delhi [India], Aug 30 (ANI): The Reserve Bank of India (RBI) on Wednesday highlighted that about 89 million notes of Rs. 1000 rupee currency did not come back to the system out of a total of 6700 million notes that were in the system as on November 8.

The apex banking system in its annual report stated that only 1.3 percent of Rs. 1000 notes didn't return after the Centre's demonetisation exercise.

RBI, in its report said that the cost of printing notes doubled to Rs. 7,965 crore in FY17 from Rs. 3,421 crore in FY16 on account of new currency printing after the note ban.

However, RBI said that it pumped in 2380 crore notes totalling Rs 5.54 lakh crore in the two months post demonetization between November 9 to Decemeber 31.

Earlier on November 8 last year, the Prime Minister Narendra Modi-led government announced its demonetization drive, wherein, currency denominations of Rs. 500 and Rs. 1,000 notes were stopped as legal tender. (ANI)

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