Over 99 percent of demonetized currencies including 500 and 1,000 rupee notes returned to RBI

New Delhi, August 29: The Reserve Bank of India on Wednesday said that over 99 percent of the old 500 and 1,000 rupee notes that were banned by Prime Minister Narendra Modi in November 2016 have been returned. Notably, with an aim to eradicate corruption, terrorism and other anti-national activities from the country, PM Modi on November 8, 2016 announced demonetization i.e ban on 500 and 1000 rupees notes.

 

In its annual report, the RBI said that as many as 99.3 percent of the old 500 and 1,000 rupee notes have been returned so far. “Of the Rs 15.41 lakh crore worth 500 and 1,000 rupee notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned,” the RBI said.

It further said, “The humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved." 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.

RBI, in the end, said that the processing of SBNs has since been completed. "The total SBNs returned from circulation is Rs 15,310.73 billion,” RBI concluded. Importantly, SBNs refer to the demonetized old 500 and 1,000 rupee.