99% of value of banned notes re­turns to RBI

India Business Journal - - NEWS ROUND-UP -

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.

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