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New Delhi: As many as 99.3 percent of the old Rs 500 and 1,000 notes, that were banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report.
Of the Rs 15.41 lakh crore worth of Rs 500 and Rs 1,000 notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned. The "humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved," it said.
The SBNs received were verified, counted and processed in the sophisticated high speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded, it added.
SBNs refer to the demonetised old Rs 500 and 1,000 notes.
RBI said the processing of SBNs has since been completed. "The total SBNs returned from circulation is Rs 15,310.73 billion."
Citing the report as proof, the Congress said reiterated its allegations of demonetisation being a “Modi Made Disaster". “RBI Report again proves that Demonetisation was ‘Modi Made Disaster’ of Epic Proportions! 99.30% of Demonetised Money Returns! PM Modi,in his 2017 Independence Day speech made tall claims of Rs 3 Lakh Cr coming back to the system! Modiji, will you apologise for that Lie now?" party spokesperson Randeep Singh Surjewala tweeted.
RBI Report again proves that Demonetisation was ‘Modi Made Disaster’ of Epic Proportions!99.30% of Demonetised Money Returns! PM Modi,in his 2017 Independence Day speech made tall claims of Rs 3 Lakh Cr coming back to the system! Modiji, will you apologise for that Lie now? pic.twitter.com/BQkyUyh6hN— Randeep Singh Surjewala (@rssurjewala) August 29, 2018
In a series of tweets, former finance minister P Chidambaram said the bulk of the black money might be in Nepal and Bhutan.
Every rupee of the Rs 15.42 lakh crore (barring a small sum of Ra 13,000 crore) has come back to the RBI. Remember who had said that Rs 3 lakh crore will not come back and that will be a gain for the government!?— P. Chidambaram (@PChidambaram_IN) August 29, 2018
I suspect that the bulk of the Rs 13,000 crore is currency in Nepal and Bhutan and some that was lost or destroyed.— P. Chidambaram (@PChidambaram_IN) August 29, 2018
So, government and RBI actually demonetised only Rs 13,000 crore and the country paid a huge price.— P. Chidambaram (@PChidambaram_IN) August 29, 2018
Over 100 lives were lost. 15 crore daily wage earners lost their livelihood for several weeks. Thousands of SME units were shut down. Lakhs of jobs were destroyed.— P. Chidambaram (@PChidambaram_IN) August 29, 2018
AAP leader and Delhi CM Arvind Kejriwal, too, questioned the gigantic exercise and demanded a white paper on the same.
People suffered immensely due to demonetization. Many died. Business suffered. People have a rt to know - what was achieved thro demonetization? Govt shud come out wid a white paper on the same. https://t.co/q61fil4KgX— Arvind Kejriwal (@ArvindKejriwal) August 29, 2018
(With PTI inputs)
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