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The Reserve Bank of India said in its annual report on Wednesday that, more than 99% of the 500 rupee and 100 rupee notes that were removed from the circulation in November 2016, were reverted.
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As per the report, after through checking, the total value of the 500 rupee and 1000 rupee notes in the market as on November 8, 2016, was R₹15,417.93 lakh crore. Note ban was levid by the government on November 9, 2016.
According to the data released by RBI, the valuation of the bank notes increased by 37.7% over the years to Rs 18,037 lakh crore till the end of March 2018.
In the past one year more 500 rupee notes were infused in the economy, thus decreasing the value of 2000 rupee notes to 37.7% as on March 2018 vis-a-vis to 50.2%, 12 months ago. During the same financial year, in terms of value the share of 500 rupee note increased to 42.9% from 22.5%.
“The share of newly introduced 200 rupee banknotes in the total value of banknotes in circulation was 2.1% as at end-March 2018,” the report said.
News agency PT added, that post demonetisation, RBI has spent approximately Rs 8000 crore im 2016 -17 on printing new 500 rupee, 2000 rupee notes and notes of other denomination. This amount spent is double and more than the amount Rs 3,421 crore spent in the previous year.
The RBI has spent an additional amount of Rs 4,912 from July 2017 to June 2018, the report said. The process pf demonetisation was implemented to curtail corruption, black money and counterfeit currency, the RBI said, “Counterfeit notes detected in SBNs decreased by 59.7 and 59.6 per cent in the denominations of Rs 500 and Rs 1,000, respectively.”
The RBI also mentioned that compared to the previous year it was detected that there was an increase of 35 per cent in the counterfeit notes in the denomination of 100 rupee. The percentage in the counterfeit notes of 50 rupee was well beyond 154.3 per cent. Even the new 500 rupee and 200 rupee notes were not spared of being counterfeited.
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