After November 8, 2016, choice, the administration gave a constrained period window to initially trading any old money under lock and key and after that store them in ledgers.
All the 500 and 1,000 cash noticed that were made illicit in November 2016 have come back to the saving money framework, the RBI said today, provoking the resistance to scrutinize the viability of demonetization in controlling dark cash.
Banks got Rs 15.31 lakh crore, or 99.3 for every penny, of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes available for use on November 8, 2016, when the note boycott was declared, it said.
This implied just Rs 10,720 crore of the trashed money did not come back to the managing an accounting framework as against starting appraisals of about Rs 3 lakh crore would not come back to the framework as they may have been buried unlawfully to maintain a strategic distance from the charge.
After November 8, 2016, choice, the legislature gave a restricted period window to initially trading any old cash under lock and key and afterwards store them in financial balances.
Likewise, the trashed money was permitted to be utilized in utilities like for purchasing oil and diesel at oil pumps and paying for doctor’s facility and power charges and transport toll on state street transport transports.
The cash returned is a blend of stores made in banks, notes traded and those used to pay service bills.
Post-demonetisation, RBI spent Rs 7,965 crore in 2016-17 (July 2016 to June 2017) on printing new Rs 500 and Rs 2,000 and other category notes, and another Rs 4,912 crore in 2017-18, as indicated by
Save Bank of India’s yearly report for 2017-18.
The printing of new cash notes decreased RBI’s benefit and cut the yearly profit. It exchanged Rs 50,000 crore to the legislature in the year to June 30, 2018, when contrasted with Rs 30,659 crore in the year.
RBI, whose bookkeeping year keeps running from July to June, had spent Rs 3,421 crore on printing money notes in 2015-16.
Previous Finance Minister and senior Congress pioneer P Chidambaram rushed to jump on the information to assault the administration saying each rupee notwithstanding a little entirety has returned to RBI.
“Keep in mind who had said that Rs 3 lakh crore won’t return and that will be again for the government!?,” he tweeted.
He said he associated that the mass with the cash not returned might lie in Nepal and Bhutan, where Indian money is worthy, and some that may have been lost or crushed.
Expressing that the nation paid a colossal cost for demonetization, he stated, “Indian economy lost 1.5 for every penny of GDP as far as development. That by itself was lost Rs 2.25 lakh crore a year.”
“More than 100 lives were lost. 15 crore day by day breadwinners lost their occupation for half a month. A huge number of SME units were closed down. Lakhs of occupations were devastated,” he said in another tweet.
The administration has fervently safeguarded the note boycott choice, which sucked out 86 for every penny of the cash available for use, checked financial action and put basic man at much burden, saying the move was not planned to seize cash but rather to bring it into formal channels and assessment them.
The Reserve Bank of India (RBI), which has assumed control two years totally the cash that was returned in the constrained period window given by the administration to trade or store the demonetized money, said in its Annual Report for 2017-18 that the activity is at last finished.
After the note boycott, old trashed notes, called determined monetary certificates (SBNs), were permitted to be stored in manages an account with irregular stores going under salary assess investigation.
The “humungous assignment of preparing and confirmation of determined monetary certificates (SBNs) was effectively accomplished,” it said.
The SBNs got were confirmed, included and prepared the modern fast money check and handling framework (CVPS) for exactness and validity and afterwards destroyed, it included.
RBI said the handling of SBNs has since been finished. “The aggregate SBNs came back from the course is Rs 15,310.73 billion.”
An inadvertent blow-back because of the ascent in printing and other cost was profit RBI pays to the legislature.
The legislature supplanted old Rs 500 notes with new ones, however no swap for Rs 1,000 notes have been made. Rather, another Rs 2,000 notes were presented post note boycott.
The demonetization was hailed as a stage that would control dark cash, defilement and check fake money, however, RBI stated, “Fake notes identified in SBNs diminished by 59.7 and 59.6 for every penny in the sections of Rs 500 and Rs 1,000, separately.”
“Contrasted with the earlier year, there was an expansion of 35 for each penny in fake notes recognized in the section of Rs 100, while there was a perceptible increment of 154.3 for every penny in fake notes identified in the group of Rs 50,”
RBI said including that fake notes distinguished in the new Rs 500 and Rs 2,000 notes amid 2017-18 were 9,892 and 17,929 as against 199 and 638, separately, amid the earlier year.