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RBI received Rs 15.28 lakh crore Scrapped Notes
By: Tupaki Desk | 30 Aug 2017 4:52 PM GMT
In its annual report, Reserve Bank of India (RBI) mentioned Rs 15.28 lakh crore of scrapped Rs 500 and Rs 1000 notes were received by June 30th, 2017.
RBI estimated total value of the scrapped notes could be Rs 15.40 to 15.5 lakh crore. Which means, Almost 99% of the banned Rs 500 and Rs 1000 notes have been returned.
In a shocking move, Prime Minister Narendra Modi banned existing Rs 500 and Rs 1000 currency notes on November 8th last year. A 50-day window was offered to deposit the old notes. Under special cases, People were permitted to deposit old currency till June 30th this year.
Minister of State for Finance Arjun Ram Meghwal confirmed 1,716.5 crore pieces of scrapped Rs 500 notes and 685.8 crore pieces of Rs 1,000 notes were in circulation. The Total Value of these notes is up to Rs 15.44 lakh crore.
To print new currency, Centre spent as much as Rs 7,956 crore. Expenditure of RBI in 2016-17 stood at Rs 31,155 crore, more than double to that of 2015-16 (Rs 14,990 crore). About 7.62 lakh pieces of counterfeit notes were identified in 2016-17 Financial Year. RBI identified a six-fold jump in suspicious transactions (3,61,214) in 2016-17 against 61,361 in 2015-16.
RBI estimated total value of the scrapped notes could be Rs 15.40 to 15.5 lakh crore. Which means, Almost 99% of the banned Rs 500 and Rs 1000 notes have been returned.
In a shocking move, Prime Minister Narendra Modi banned existing Rs 500 and Rs 1000 currency notes on November 8th last year. A 50-day window was offered to deposit the old notes. Under special cases, People were permitted to deposit old currency till June 30th this year.
Minister of State for Finance Arjun Ram Meghwal confirmed 1,716.5 crore pieces of scrapped Rs 500 notes and 685.8 crore pieces of Rs 1,000 notes were in circulation. The Total Value of these notes is up to Rs 15.44 lakh crore.
To print new currency, Centre spent as much as Rs 7,956 crore. Expenditure of RBI in 2016-17 stood at Rs 31,155 crore, more than double to that of 2015-16 (Rs 14,990 crore). About 7.62 lakh pieces of counterfeit notes were identified in 2016-17 Financial Year. RBI identified a six-fold jump in suspicious transactions (3,61,214) in 2016-17 against 61,361 in 2015-16.
