As per the annual report released by the Reserve Bank of India, about 99% of the notes in the 500 and 1,000 rupees notes have come back to the banking system. After the release of RBI annual report 2016-17, the opposition has begun to question the government’s unprecedented decision.
It is notable that the government stopped the currency of these big value notes from midnight on November 8 last year to tighten the black money and corruption, and new notes were issued in lieu of them.
The Central Bank, after a long period, had been neglecting to tell the actual number of notes returned to the banking system, but in RBI annual report 2016-17 released today, he said that Rs 15.28 lakh crore was returned from the banned currency, and only Rs 16,050 crore currency has not returned.
In its annual report of the year 2016-17, the central bank said that before the demonetization in November, 1716.5 crore rupees in 500 rupees and 685.8 crore rupees in 1,000 rupees were in circulation whose total value was Rs 15.44 lakh crore.
It has been said in the report that after the ban, the cost of printing notes of Rs 500 and Rs 2,000 was doubled to Rs 7,965 crore, compared to Rs 3,421 crore in the previous year.
In support of the ban, the government had said that it will curb black money, corruption, and counterfeit currency.
Although the Reserve Bank found in its sample survey that only 7.1 percent of 500 rupees notes and 19.1 percent of 1000 rupees notes per 1 million rupees in the circulation were found to be fake.
Condemning the government’s decision of currency ban on the basis of these figures, former Finance Minister P. Chidambaram said, “The Reserve Bank raised Rs 16,000 crore but spent Rs 21,000 crore on the printing of new notes. These economists should get the Nobel Prize. “He tweeted,” Out of the 15,44,000 crore rupees, Rs 16000 crore did not return to the Reserve Bank. It is only 1%. Curtailed on the Reserve Bank, which gave the “suggestion” of the ban on bondage.