60% demonetised notes already accounted for says RBI

MUMBAI, 29 Nov: A data released by the Reserve Bank of India (RBI) on Monday found that nearly 60% of the value of the demonetised notes (Rs 14 lakh crore), has already been accounted for.

While deposits of the old currency in banks post demonetisation announcement, total Rs 8.11 lakh crore (57% of the total value of demonetised notes), notes worth Rs 33,498 crore (3%) have been exchanged.

Even as deposits keeps on increasing , there have been reports that the printing of Rs 2,000 notes has been stalled , which may result in a drop in the legal tender being released by banks.

From November 10 to November 18, notes worth Rs 1.36 lakh crore were pumped out by banks, but the value decreased to Rs 1.14 lakh crore between November 18 and 27.

Just a week after the demonetisation, reports suggested that the printing of Rs 2,000 notes had been stalled to generate more of the new Rs 500 notes, as  the RBI had no stockpile of the new Rs 500 notes.

The total amount of legal tender released since November 9 amounts to Rs 2,50,115 crore, which is around 18% of the value of the withdrawn notes. Of this, Rs 2,16,617 crore was withdrawn from banks and ATMs.

The government expected that old notes worth Rs 3 lakh crore would not return to the banking system. This, it was believed, would result in a fall in the RBI’s liabilities and thus turn into windfall gains for the government. However, if the current situation of deposit accretion continues, the value of the old notes returning would increase, and the windfall gains may not be realised.

 Wefornews Bureau

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