98.6% of old Rs 1000 notes returned post demonetization: RBI

The RBI in its annual report has published the number of old notes which they have received post demonetization of high value notes on November 8 last year. 

According to RBI, it has got back 98.6% of all the old 1000 rupees note. 8.9 crore old Rs 1,000 notes out of 632.6 crore are yet to be returned post demonetization. Value of returned notes is Rs 15.2 trillion. 

Minister of State for Finance Arjun Ram Meghwal earlier had said in the Parliament that  1,716.5 crore pieces of 500 notes and 685.8 crore pieces of Rs. 1,000 notes were in circulation before demonetization. 

RBI said there were as many 588.2 crore of Rs 500 notes, both old and new in circulation as of March 31, 2017. As of March 31, 2016, there were 1,570.7 crore Rs 500 notes in circulation. 

Post demonetization, RBI has introduced new Rs 500 and Rs 2000 notes. Currently the Rs 2000 value notes are 50% of the total value of currency in circulation. 

RBI also said that cost of printing notes has doubled to Rs 7,965 cr in FY'17 from Rs 3,421 cr in FY'16 on account of new currency printing post noteban. RBI says 7.62 lakh pieces of counterfeit currency notes
detected in FY'17 as against 6.32 lakh in FY'16. 

With agency inputs