Explorer

99 percent old notes back, 8.9 crore Rs 1000 notes not returned: RBI on demonetisation

99 percent old notes back, 8.9 crore Rs 1000 notes not returned: RBI on demonetisation

All but 1.4 per cent of the old Rs 1,000 notes have come back into the banking system post demonetisation, the Reserve Bank said on Thursday.

In its annual report for 2016-17, the RBI said that out of 632.6 crore pieces of Rs 1,000 currency notes in circulation, 8.9 crore have not been returned post the note ban last November.

The government had on November 8, banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.

The government replaced old Rs 500 notes with new ones, but no replacement for Rs 1000 notes has been made. Instead, a new Rs 2,000 note was introduced post note ban.

RBI said there were as many 588.2 crore of Rs 500 notes, both old and new in circulation as of March 31, 2017. As of March 31, 2016, there were 1,570.7 crore Rs 500 notes in circulation.

The report further said that the cost of printing of currency notes more than doubled to Rs 7,965 crore in 2016-17 from Rs 3,421 crore in the previous year on account of new currency printing.

Besides, new Rs 500 and Rs 2000 notes, the RBI has also printed new Rs 200 notes.

For latest breaking news, other top stories log on to: http://www.abplive.in & https://www.youtube.com/c/abpnews

News Videos

Almora Bus Accident: Bus Carrying 42 Plunges Into Ravine in Uttarakhand | ABP News
Almora Bus Accident: Bus Carrying 42 Plunges Into Ravine in Uttarakhand | ABP News

New Reels

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

'Very Upsetting': Australian Foreign Minister Condemns Attack On Hindu Temple In Canada
'Very Upsetting': Australian Foreign Minister Condemns Attack On Hindu Temple In Canada
Foreign Minister Jaishankar Says Attack On Hindu Temple In Canada 'Deeply Concerning'
Jaishankar Says Attack On Hindu Temple In Canada 'Deeply Concerning'
US Election News Live: Harris, Trump Make Final Pitch To Pennsylvania Voters Before Historic Vote
US Election News Live: Harris, Trump Make Final Pitch To Pennsylvania Voters Before Historic Vote
Salman Khan Gets Another Death Threat, Has 'Two Options — Pay Rs 5 Crore Or...'
Salman Khan Gets Another Threat, Has 'Two Options'
Advertisement
ABP Premium

Videos

Almora Bus Accident: Bus Carrying 42 Plunges Into Ravine in Uttarakhand | ABP NewsBreaking News: Poster Wars Heat Up in Lucknow Ahead of UP By-Elections | ABP NewsManoj Jarange Makes Bold Declaration Ahead of Maharashtra Elections 2024UP News: Political Resolution Looms for UP's 69,000 Teacher Recruitment Saga Ahead of By-Elections

Photo Gallery

Embed widget