99.3% of demonetised currency returned to banks: RBI
Team Udayavani, Aug 29, 2018, 12:21 PM IST
New Delhi: As many as 99.3 per cent of the old 500 and 1,000 rupee notes, that were banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report.
Of the Rs 15.41 lakh crore worth 500 and 1,000 rupee notes in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned.
The “humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved,” it said.
The SBNs received were verified, counted and processed in the sophisticated high speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded, it added.
SBNs refer to the demonetised old 500 and 1,000 rupee.
RBI said the processing of SBNs has since been completed. “The total SBNs returned from circulation is Rs 15,310.73 billion.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Reverse migration has begun, says FM Nirmala Sitharaman
Markets sustain winning streak — Sensex jumps over 560 points, Nifty tops 22,300-level
Sensex climbs 640 points, Nifty tops 22,300-level in early trade
Insurance regulator IRDAI abolishes age restriction on health insurance product
Elon Musk says India visit delayed due to Tesla obligations
MUST WATCH
Latest Additions
Intense heat wave in eastern states spreads to south India
Sexual harassment case against ex-WFI chief: Court to pass order on closure report on May 20
Modi is ‘Vish Guru’, never respected ‘magalsutra’: Jairam Ramesh
TCS World 10K: New starting point, meticulous arrangements in place
Congress complains to EC, alleges ‘misinformation’ by BJP about manifesto