99.3% of demonetized money returned: Reserve Bank of India|Nuakrikhojo

99.3% of demonetized money returned: Reserve Bank of India
According to the Annual Report of the Reserve Bank of India 2017-18, 99.3% of the 500 and 1000 notes, which were closed during the demonitization, have come back to the bank. This report was released on August 29, 2018.

Actually, Prime Minister Narendra Modi on November 8, 2016 imposing ban in the country for the purpose of curbing black money and corruption, while keeping notes of 500 and 1000 extinguished out of circulation. After this, the government gave 50 days to people to deposit old notes in banks.



According to the latest report of the central bank:

According to the latest data of the central bank, the total amount deposited from all the centers of RBI came back from circulation of 15,310.73 billion. It has been stated in the annual data that till March 2018, the circulation of bank notes has increased by 37.7 percent. Similarly, the volume of bank note increased by 2.1 percent. Similarly, by March 2017, the circulation share of new notes of Rs 500 and notes of 2000 rupees was recorded at 72.7 percent, which increased to 80.2 percent by March 2018.




During the demonitization:

At the time of the demonitization, on November 08, 2016, there were 15.41 lakh crores of rupees worth 500 and 1000 rupees in circulation. It has been said in the report that out of these 15.31 lakh crore notes have returned to the banks. This means that only notes worth Rs 10,720 crore have not been returned to the banks in closed notes.

Expenses on printing of notes:

After the demonitization, the Reserve Bank spent Rs 7,965 crore on printing of new notes and other value notes of 500 and 2,000 rupees in 2016-17, which is more than double of the amount spent by the previous year's Rs 3,421 crore. During July 2017 to June 2018, the central bank spent Rs 4,912 crore on printing of notes.

Counterfeit Notes:

The central bank said that compared to last year, counterfeit (counterfeit) notes of 100 rupees were caught 35 percent more and the number of fake notes of 50 rupees rose by 154.3 percent. The Reserve Bank said that in 2017-18, 9,892 fake units of new 500 rupees note were caught, while 17,929 fake units of Rs 2,000 notes were caught.


99.3% of demonetized money returned: Reserve Bank of India|Nuakrikhojo 99.3% of demonetized money returned: Reserve Bank of India|Nuakrikhojo Reviewed by Nuakrikhojo on August 30, 2018 Rating: 5

1 comment:

  1. This comment has been removed by a blog administrator.

    ReplyDelete

Powered by Blogger.