August 31, 2017
With the Reserve Bank of India’s (RBI) disclosure that 99 per cent of the demonetised Rs 1,000 and Rs 500 denomination currency notes have returned back to the system, the debate over the purpose of demonetisation exercise has once again gained strength.
RBI has reported in their Annual Accounts that Specified Bank Notes (SBNs) of estimated value of Rs. 15.28 lakh crore have been deposited back as on 30.6.2017. The outstanding SBNs as on 8th November, 2016 were of Rs. 15.44 crore value. The total currency in circulation of all denominations as on 8th November, 2016 was 17.77 lakh crore whereas total currency in circulation as on 4th August, 2017 was 14.75 lakh crore.