New Delhi: Almost 99 percent of the demonetised Rs 1,000 notes in circulation are back into the banking system, according to a national media reports.
At the end of March 2017, Rs 8,925 crore in the 1,000-rupee notes were in circulation, according to a Reserve Bank of India (RBI) data on “notes in circulation” – the currency held by banks, public, treasuries and others.
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On November 8 last year, when Prime Minister Narendra Modi declared the Rs 1,000 and Rs 500 notes as invalid, there were about 6,858 million Rs 1,000 notes worth Rs 6.86 lakh crore in circulation. This figure was given by Santosh Kumar Gangwar, minister of state for finance, on February 3 this year.
Surajit Mazumdar, professor of economics at JNU, believes that almost all Rs 500 notes also “appear to have been officially returned”. “Negligible ‘black money’ has been unearthed,” he told a national media.
The Centre and the RBI have not yet revealed the data on the returned junked notes. In July this year, RBI Governor Urjit Patel told the parliamentary committee that the number of scrapped notes returned post demonetisation was still being counted.