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

Breaking News: DRDO Successfully Tests Long-Range Hypersonic Missile | ABP News
Breaking News: DRDO Successfully Tests Long-Range Hypersonic Missile | 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

Jharkhand Election: ECI Orders BJP To Remove ‘Misleading, Divisive’ Video After Congress, JMM Lodge Complaints
Jharkhand Polls: ECI Orders BJP To Remove ‘Divisive’ Video After Congress, JMM Complain
Conrad Sangma’s NPP Withdraws Support To Biren Singh Govt, Blames ‘Failure’ To Resolve Crisis
Conrad Sangma’s NPP Withdraws Support To Biren Singh Govt, Blames ‘Failure’ To Resolve Crisis
Kailash Gahlot Resignation: AAP Blames BJP’s ‘Vile Politics’, Delhi Congress Questions Kejriwal’s Silence
Kailash Gahlot Resignation: AAP Blames BJP’s ‘Vile Politics’, Delhi Congress Questions Kejriwal’s Silence
PM Modi Becomes Only Foreign Dignitary After Queen Elizabeth To Receive Nigeria's Second-Highest Honour — WATCH
PM Modi Becomes Only Foreign Dignitary After Queen Elizabeth To Receive Nigeria's Second-Highest Honour — WATCH
Advertisement
ABP Premium

Videos

Breaking News: DRDO Successfully Tests Long-Range Hypersonic Missile | ABP NewsRift Erupts in BJP Over CM Yogi and PM Modi's Slogans | ABP News'I'm the CEO of Lashkar-e-Taiba,' The Reserve Bank of India Receives Threatening Call | ABP NewsChaos Erupts at Navneet Rana's Rally As Chairs Thrown, Protests and Slogans | ABP News

Photo Gallery

Embed widget