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89 million pieces of old Rs 1000 notes yet to be returned: RBI

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 30 Aug 2017 1:36 PM GMT

RBI cautions co-operative societies against using bank in name
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Mumbai: Revealing the low efficacy of last November's demonetisation of high-value currency, the RBI said on Wednesday that of the Rs 15.44 lakh crore of notes taken out of circulation, Rs 15.28 lakh crore had returned to the system by way of deposits by the public.

According to the Reserve Bank of India's (RBI) annual report for the last fiscal, 89 million pieces of the banned Rs 1,000 totalling Rs 8,900 crore had not been returned, out of 6,700 million such notes. This amounts to 1.3 per cent of the Rs 1,000 notes in circulation before the demonetisation announcement on November 8, 2016.

Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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