2 YRS OF DEMONETISATION: 1.5M JOBS LOST

> The Reserve Bank of India’s (RBI) annual report in August found 99.3 per cent of the currency declared void in 2016 was returned to the banks in subsequent weeks.

> The figures suggest the demonetisation cost at least 1.5m jobs, while it failed to wipe out black money — a key rationale for the move.

> The RBI spent close to Rs130 billion over the next two years to remonetise Indian money market in post-demonetisation phase. >The RBI introduced new notes of Rs 500 and Rs 2,000.