 "Only 1% of demonetised notes did not return: Full text of RBI annual report")
The Reserve Bank of India on Wednesday disclosed that only one per cent of the Rs 15.44 lakh crore worth of currency notes that had been scrapped in November last year had not come back to the central back. Almost 99 per cent, or Rs 15.28 lakh crore of demonetised notes had return as on June 30, 2017.
Earlier, in the biggest-ever demonetisation exercise India had seen, Prime Minister Narendra Modi on November 8, 2016, announced high-value currency notes of Rs 500 and Rs 1,000 would cease to be public tender. The move, to stem the circulation of black money and fake currency, and to choke terror funding and corruption, was to take effect within hours of the announcement.
Earlier, in the biggest-ever demonetisation exercise India had seen, Prime Minister Narendra Modi on November 8, 2016, announced high-value currency notes of Rs 500 and Rs 1,000 would cease to be public tender. The move, to stem the circulation of black money and fake currency, and to choke terror funding and corruption, was to take effect within hours of the announcement.
Here is the full text of the RBI Annual Report 2016-17
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