99 per cent of demonetised notes returned: RBI report
September 1st, 2017
The Reserve Bank of India (RBI) has released the Status of the Return of SBNs- Reserve Bank of India (RBI) Annual Report 2016-17. The report states that around 99 per cent of the demonetised notes that is Rs 15.28 lakh crore have been returned to the bank. The high value currency notes of Rs 500 and Rs 1000 were banned by Union Government in November 2016 as a means to combat counterfeiting, black money and the financing of terrorist activities. RBI was under intense scrutiny since January 2017 after the window for depositing the withdrawn Rs 500 and Rs 1000 banknotes was closed.