Rs 10,700-cr demonetised notes did not return to banks

The amount of banned currency notes that did not return to the system post demonetization stands at Rs 10,700 crore, or 0.7 percent of an old lot of notes, an RBI data showed on Wednesday.

This amount has been arrived at based on the Reserve Bank of India (RBI)'s annual report for 2017-18, after deducting the amount of Rs 15,310.73 crore of high-value currency notes that returned to the banks, from the Rs 15,417.93 crore worth such notes in circulation before the demonetization of November 8, 2016.

A partial explanation for the missing Rs 500 and Rs 1,000 notes is provided by the report that out of the total fake notes detected at the RBI, their share during 2017-18 was higher at 36.1 percent, compared with 4.3 percent during 2016-17.

This was because of processing of a large volume of specified banknotes (SBNs) withdrawn from circulation by demonetization, the report said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)