99% of banned Rs 1,000 notes returned to Reserve Bank of India, says report
Around 99% of the banned Rs 1,000 notes have been returned to the banking system, says a report.
The Reserve Bank of India (RBI) data says that Rs 8925 crore in the 1000-rupee notes were in circulation at the end of March 2017.
After Prime Minister Narendra Modi declared Rs 1000 and Rs 500 notes as invalid on 8 November last year, it is reported that there were about 6,858 million Rs 1,000 notes worth Rs 6.86 lakh crore in circulation.
However, the central government and the RBI are yet to reveal the data on the returned banned notes.
RBI Governor Urjit Patel in July informed the parliament that the number of scrapped notes returned after the high-value note ban is still being counted.