99% of value of banned notes returns to RBI
The RBI’s annual report has finally revealed that as much as Rs 15.28 lakh crore of the Rs 15.44 lakh crore high-value currency that was demonetised in last November returned to the central bank. The latest RBI data show that 98.96 per cent of the value of withdrawn Rs 500 and Rs 1,000 currencies was deposited with the banks. The data put a question mark on the efficacy of demonetisation in tackling black money. The central bank was under intense scrutiny since January after the window for depositing the withdrawn banknotes had closed for details on the extent of currency that was returned to the RBI.