New Delhi, Aug 30: The Reserve Bank of India (RBI) on Wednesday released data on demonetisation in its Annual Report of 2016-17. According to RBI, 8.9 crore notes of 1000-rupee denominations were not deposited back following the note ban.Also Read - RBI Slaps Rs 1 Crore Penalty on State of India Over Non-Compliance
The undeposited currency amounts to 1.3 per cent of the total 1000-rupee notes which were demonetised. Also Read - Fuel Prices Hiked for 6th Day: Petrol Crosses Rs 110, Diesel Rises Above Rs 100. Check Price in Your City
“Out of 6.7 billion pieces of Rs 1000 notes, 89 million pieces didn’t come back,” said the RBI in Annual Report. Also Read - Bank Holidays October 2021: Banks to Remain Closed For up to 21 Days Next Month | Full List
“Rs 15.28 lakh crore of the Rs 15.44 lakh crore banned notes returned to system,” it added, showing that nearly 99 per cent of the currency pre-demonetisation came back into the system following the overhaul.
“The cost of printing notes doubled to Rs 7,965 crore in FY ’17 from Rs 3,421 crore in FY’16 on account of new currency printing post note ban,” the report released by RBI claimed.
On November 8 last year, Prime Minister Narendra Modi announced the biggest ever demonetisation drive India has even seen abruptly banning the use of Rs 500 and Rs 1000 notes in a bid to clamp down on black money, counterfeit currency and terror funding.
The 500 and 1000-rupee notes lost their legal tender post November 8 midnight, with the government launching new RS 500 and Rs 2000 notes as its replacement.
Those bearing the old notes were tasked to deposit the same in banks by December 30, 2016.
The period of nearly 45 days following the note ban witnessed serpentine queues outside banks and ATM centres where people had lined up to deposit old currency notes and withdraw cash in new denomination notes.
RBI Governor Urjit Patel, who appeared before the parliamentary panels on multiple occasions, did not reveal the number of notes and amount of currency which was deposited in banks following the note ban.
Although a number of estimates were issued by research agency, the official figures came out today with the release of annual report by the RBI.
Nearly a fortnight back, when PM Modi addressed the nation from ramparts of Red Fort on Independence Day, he said a “private research” has found nearly Rs 3 lakh crores of undetected income entering into the banking fold.