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RBI Says 99.3% Banned Notes Returned to Banks, Congress Cites It as Proof of 'Modi Made Disaster'

Edited By: Nitya Thirumalai

News18.com

Last Updated: August 29, 2018, 15:22 IST

Image for representation (PTI)

Image for representation (PTI)

Of the Rs 15.41 lakh crore worth of Rs 500 and Rs 1,000 notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned.

New Delhi: As many as 99.3 percent of the old Rs 500 and 1,000 notes, that were banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report.

Of the Rs 15.41 lakh crore worth of Rs 500 and Rs 1,000 notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned. The "humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved," it said.

The SBNs received were verified, counted and processed in the sophisticated high speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded, it added.

SBNs refer to the demonetised old Rs 500 and 1,000 notes.

RBI said the processing of SBNs has since been completed. "The total SBNs returned from circulation is Rs 15,310.73 billion."

Citing the report as proof, the Congress said reiterated its allegations of demonetisation being a “Modi Made Disaster”. “RBI Report again proves that Demonetisation was ‘Modi Made Disaster’ of Epic Proportions! 99.30% of Demonetised Money Returns! PM Modi,in his 2017 Independence Day speech made tall claims of Rs 3 Lakh Cr coming back to the system! Modiji, will you apologise for that Lie now?” party spokesperson Randeep Singh Surjewala tweeted.

In a series of tweets, former finance minister P Chidambaram said the bulk of the black money might be in Nepal and Bhutan.

AAP leader and Delhi CM Arvind Kejriwal, too, questioned the gigantic exercise and demanded a white paper on the same.

(With PTI inputs)

first published:August 29, 2018, 12:22 IST
last updated:August 29, 2018, 15:22 IST