RBI has informed that the Specified Bank Notes Processing has been completed at all centers of the Reserve Bank.
The overall reduction in detection of counterfeit notes was primarily due to the decline in cases of fake old Rs 500 notes.
All future payments of the exchange value of SBNs to eligible tenderers, under the rules framed by the Government of India, will be made out of the specific head, RBI said. For instance, the SBI's economic research department, headed by chief economist Soumya Kanti Ghosh, predicted that up to Rs 2.5 lakh crore wouldn't come back into the banking system.
The total SBNs returned from circulation is 15310.73 Billion.
Tewari claimed as a outcome of the demonetisation exercise, the dividend paid by the RBI to the government of India was halved from Rs 65,876 crore in 2015-16 to Rs 30,659 crore in 2016-17.
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Almost 99% of the ₹500 and ₹1000 that were demonetised on the night of November 8, 2016, have now returned to the banks, says the Reserve Bank of India (RBI) in its annual report, released on Wednesday.
While 6,453 pieces of fake Rs 50 notes were detected in 2015-16, this number jumped to 9,222 in 2016-17 and then increased to a whopping 23,447 in 2017-18.
In reply to whether an MoU has been signed with Nepal and Bangladesh on the fate of the demonetised currencies lying in those countries, he said "there are some notes in Nepal in the central bank and in Bangladesh it is even lower". But new notes could not be printed fast enough, and the policy sparked a months-long currency crunch that left tens of millions of Indians cashless or standing in line for hours each day to retrieve small sums of cash.
A collateral damage as a result of rise in printing and other cost was dividend RBI pays to the government.
The share of newly-introduced ₹200 notes in the total value of banknotes in circulation was 2.1 per cent as at end-March 2018.
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The process of verifying banned notes involved working in two shifts under strenuous conditions, maintaining detailed records and planning effectively without compromising on other functions of currency management.
Digital transactions have grown, but the RBI found the value of banknotes in circulation had also increased in the past year by 37.7%.
The annual report, curiously, also provides a glimpse of how attempts at remonetisation over the previous year focused heavily on supplying the new Rs 500 and Rs 200 currency notes.
"... India's currency to GDP ratio moved up to 10.9 per cent in 2017- 18, returning to being amongst the highest levels of currency usage in peer emerging market economies (EMEs) and advanced economies (AEs) as well". However, this is more than double the amount of Rs. 3,421 crore that was spent in the previous year (July 2016 to June 2017).
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