99% Of Demonetisation Rs 500 and Rs 1000 Notes Returned: RBI

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99% Of Demonetisation Rs 500 and Rs 1000 Notes Returned: RBI

Indian citizens deposited almost all the currency that was scrapped during demonetisation according to the report released by the Reserve Bank of India.

Reserve Bank of India Annual Report

The Indian Government announced the demonetisation of all ₹500 and ₹1,000 notes of the Mahatma Gandhi Series on November 8, 2016. Indian Prime Minister Narendra Modi said our intended to remove black money.

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According to the Bloomberg quint report, Rs 500 and Rs 1000 notes that were demonetised Rs 15.28 lakh crore had been received as of June 30, 2017. When demonetisation was announced, the currency in circulation stood at Rs 17.97 lakh crore. 86 percent of this, or Rs 15.45 lakh crore, was rendered invalid by demonetisation.