RBI says: 99 percent of old Rs 1000 notes came back post note ban

New Delhi: RBI said in the statement related to the demonetization that before the demonetization, notes worth Rs 15.44 lakh crore were running in the form of 500-1000 old notes in the country, out of which notes worth Rs 15.28 lakh crore have come back. At the same time 99% of the total notes of 1000 have come back after the demonetization.

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.

After the ban, 99 per cent of the total 1000 notes are back to the RBI. Only 8.9 million old notes of the old 1000 rupees have not come back till now. That is, notes worth Rs 8900 crores running before the note-offs did not return.

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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 has also informed that in the financial year 2017, the cost of printing of new notes has increased to Rs. 7965 crores, while in fiscal year 2016 the government had spent Rs. 3421 crores in the printing of notes.

During the year 2016-17, the share of notes of 2000 rupees was 50.2 per cent.

During the year 2016-17, 3285 million notes of Rs.2000 in circulation