99.3 per cent of demonetised currency returned to banks: RBI

Demonetisation Flawed in planning not in principle

On 8 November, 2016, Prime Minister Narendra Modi announced withdrawal of high denomination currency notes of Rs 500 (old series) and Rs 1,000 in a televised speech.

"RBI's annual report for 2017-18 said, The processing of SBNs has since been completed at all centers of the Reserve Bank".

Almost 2 years after demonetisation, the Reserve Bank of India (RBI) on Wednesday, in its 2017-18 annual report said that 99.3 percent of banned notes were returned in the banking system. This year, it transferred Rs 500 billion to the government as dividend, compared with Rs 306.6 billion a year ago.

The share of newly introduced Rs 200 banknotes in the total value of banknotes in circulation was 2.1 per cent as at end-March 2018. Counterfeit notes detected in SBNs decreased by 59.7 and 59.6 per cent in the denominations of Rs 500 and Rs 1000, respectively, as the same comprised only the residual part of SBN deposits processed during the year 2017-18.

Hawaii shuts out South Korea to win Little League World Series title
Hawaii has all of its pitching available and is the only team on the USA side of the bracket with more than one home run. Hawaii shut out Georgia 3-0 and Kea's complete game sealed its berth in the Little League World Series championship.

The volume of banknotes, however, increased by 2.1% In value terms, the share of Rs 500 and Rs 2000 banknotes, which had together accounted for 72.7% of the total value of banknotes in circulation at end-March 2017, increased to 80.2 % as at end-March 2018. The total value of SBNs in circulation as on November 08, 2016, post verification and reconciliation, was Rs 15,417.93 billion.

The move hit India's growth, driving it to a three-year low of 5.7 percent in the June quarter of 2017, with several small businesses shutting down and many labourers losing their jobs. This increased to 9,892 such notes in 2017-'18.

Demonetisation had prompted the central bank to print new currency notes, reducing its profit and cutting annual dividend payout to the government by half a year ago.

The RBI said that the "humungous task of processing and verification of specified bank notes was successfully achieved and the total specified banknotes returned from circulation is Rs. 15,310.73 billion". This was because of processing of large volume of SBNs withdrawn from circulation.

Related News:

  • Trump relents under pressure, lowers White House flag again to honour McCain

    Trump relents under pressure, lowers White House flag again to honour McCain

    But farewell addresses always offer a redeeming hope, a renewable source of strength we can draw upon to get through hard times. McCain refused, and endured torture to send a message to his captors. "I thought I would do much better than I did, " he said.
    Matt Smith cast in Star Wars: Episode IX

    Matt Smith cast in Star Wars: Episode IX

    Grant , Dominic Monaghan ( Lost ), and Naomi Ackie , who also appeared in Doctor Who as a supporting character in a 2015 episode. But Smith's a great actor, so he's no doubt capable of playing whatever Abrams has put in front of him.
    Seattle judge blocks online plans for printing untraceable 3D guns

    Seattle judge blocks online plans for printing untraceable 3D guns

    It's also worth noting that more than 1,000 people had already downloaded plans for the 3D guns before today's ruling . Lasnik said the government's actions "not only impact national security but have domestic repercussions as well".
  • US Open regret penalising Alize Cornet for changing shirt on court

    US Open regret penalising Alize Cornet for changing shirt on court

    Cornet took advantage of the rule during her match with Sweden's Johanna Larsson and opted to change her outfit off court. Cornet was assessed a code violation". "We have clarified the policy to ensure this will not happen moving forward".

    Ariana Grande Will Perform At Aretha Franklin's Funeral

    As the sun rose on America's Motor City, the crowds were already waiting in line to say a final farewell to the Queen of Soul . The singer's gold-plated open coffin was placed on display for hundreds of grieving fans at the Charles H.

    "Be Very Careful": Trump's Latest Warning To Internet Firms Over "Bias"

    The most recent broadside follows the president's 24 August claim that social media "giants" are "silencing millions of people". Lou Dobbs, a Fox Business Network host and close friend of the president's, highlighted the report on his program on Wednesday.
  • US Open: Murray faces Verdasco in Second round

    US Open: Murray faces Verdasco in Second round

    One of the most eagerly-anticipated matches of the day was between Canadian teenagers Denis Shapovalov and Felix Auger-Aliassime. U.S. hopes were buoyed by wins for 11th seed John Isner and 18th-ranked Jack Sock who won his first singles match since May.
    EA cancels remaining Madden events after fatal Florida shooting

    EA cancels remaining Madden events after fatal Florida shooting

    The FBI and Baltimore Police raided his home and interviewed family members, the agencies said on social media. Katz's court records revealed a history of mental illness.
    Luis Gonzalez 'Blessed and Honored' to Be Pallbearer for John McCain

    Luis Gonzalez 'Blessed and Honored' to Be Pallbearer for John McCain

    Russell served in the Senate from 1933 until his death and was known as a "senator's senator" due to his mastery of Senate rules. John McCain , R-Ariz., draped in black with a bowl of white roses sitting on it on August 28, 2018.
  • There is 'no safe level of alcohol,' says huge new global study

    There is 'no safe level of alcohol,' says huge new global study

    Avoiding heart-diseases was one of the reasons the previous research advocated taking moderate levels of alcohol. Also, the study showed that the limited consumption of alcohol does little or nothing to the health.
    Kyrsten Sinema wins Democratic primary election for US Senate seat

    Kyrsten Sinema wins Democratic primary election for US Senate seat

    On Monday, as the political world mourned McCain's death from cancer, Ward tweeted that political correctness was "a cancer". McSally and Sinema have both largely ended campaigning until after McCain's body leaves the state on Thursday.
    Fans gather to view Aretha Franklin’s body in Detroit

    Fans gather to view Aretha Franklin’s body in Detroit

    In the first hours, hundreds of people from multi-generations visited the public viewing with signs, Aretha T-shirts and more. He said the casket in which Franklin rests is 24-karat gold-plated and the top of the line.


Most liked

Nigeria is home to the poorest people - Theresa May
South Africa, for so long blighted by the evils of Apartheid, is free, democratic, and home to one of the continent's largest economies.

Hatch on White House delaying McCain statement: ‘That should not have happened’
It took pressure from his staff, the public, and even the American Legion to break his silence and see the flag lowered. An actor and a former Vice President are among the people who will carry the casket of Senator John McCain .

'Scallop wars' escalate as boats ram each other in Channel
Shocking footage shared by French broadcaster France 3 shows one fishing vessel attempting to ram another during the furious sea battle.

Yaya Toure's Next Club Revealed?
West Ham were most strongly linked with Toure, with Manuel Pellegrini previously coaching the 35-year-old at City. You never know. but hopefully kolo has said to him to come to Celtic. stranger things have happened lol.

Bees besiege Times Square street, drawing swarm of tourists
As the police responded to the scene, NYPD Commissioner James O'Neill emphasized that they were collecting the bees 'humanely'. NYPD's bee keeper Officer Michael Lauriano could be seen sporting protective gear as he made his way to collect the bees.

US Senator John McCain to lie in state in Arizona today
Early Monday morning, the flag atop the White House was raised after an unusually brief time at half-staff in McCain's honor. He said in a statement that this week was a time to honor McCain's "remarkable life" and pay respects to his family.

Federer lags behind big rivals in U.S. Open betting
Still, having the quartet back on the sport's biggest stage should make for a fascinating fortnight in Flushing Meadows. It's the culmination of a five-year, $600 million project that remade the USTA Billie Jean King National Tennis Center.

Eddie Murphy and Paige Butcher expecting baby no 2
Eddie Murphy is to be a father for a 10th time after his rep confirmed his long-term girlfriend Paige Butcher is expecting. Murphy also has son Christian, 27, with Tamara Hood, and shares daughter Angel, 11, with former Spice Girl Mel B .

Serena Williams: French Open bans 'superhero' catsuit from next year
But Williams , who is preparing for the US Open which got under way Monday, has quashed suggestions of any rift. Nike issued a response to the controversy with a tweet published Saturday showing Williams in action.

After flag flap, Trump flips back to half-staff
McCain brought up the issue in May during a visit that Graham initially believed would be his last conversation with his friend. Larry Hogan, R, ordered the Maryland state flag to be lowered to half-staff in honor of McCain until his burial on Sunday.

Gillum is Florida's Democratic governor nominee
With 56 percent of precincts reporting, DeSantis led by 229,880 votes of nearly 1.3 million cast in the GOP primary. Then in December, Trump tweeted out his support for DeSantis, who wasn't even in the race at the time .

John Goodman Says The Conners Will Kill Off Roseanne
Many people have spoken about the new direction the show will take and how The Conners will survive without Roseanne Barr. Goodman revealed how the departure of the main character will be handled when the sitcom returns.

Saudi-led forces accused of rape and torture in Yemen
In June alone, the coalition carried out 258 air raids on Yemen, almost one-third of which targeted non-military sites. Strikes that fail to spare people or structures protected by worldwide humanitarian law would be unlawful violations.

Google Tez is now Google Pay
Google Maps is also adding public transport guidance, which will inform riders of upcoming stops and alerts on when to get off. According to Google, the amount of online content in Indian languages is only 1 percent of what's available in English.

Donald Trump, Kenyan president to meet
And I believe that we will have very fruitful discussions this afternoon. And we'll have a lot to report at the end of it. "This is really great", President Trump said.