Recently, The Reserve Bank of India has revealed that it received Rs. 15.2 lakh crore worth of scrapped currency notes of Rs. 500 and Rs. 1000 after the country witnessed demonetisation. It is the first time that the bank has made such a revelation following the announcement that shook the nation on 8th November 2016.
RBI further added that almost 99% of the old Rs. 500 and Rs. 1000 notes have been returned to the banking system.
The bank also said that it will soon release currency of lower denominations to bridge the gap between Rs. 100 and Rs. 500 notes. The bank has already released new Rs. 200 and Rs. 50 notes which promises to meet the increasing cash supply.
The central bank, earlier on account for various constraints, refused to give out the exact number and worth of specified bank notes whose legal status were abruptly withdrawn.
Urjit Patel who had earlier failed to give any exact figure before Parliament’s Standing Committee of Finance said that it was the lack of counting machines that delayed the process and expects that RBI will soon come up with exact numbers on demonetisation.
This step was taken on November 8,2016 when the PM Narendra Modi overnight called off Rs. 500 and Rs. 1000 notes to curb counterfeiting and black money.