Responding to a question raised by Rajya Sabha MP (member of parliament) Subramanian Swamy, the finance ministry informed the parliament that Rs10,720 crore worth of old Rs1,000 and Rs500 notes did not return into circulation after demonetisation.
According to the finance ministry, when demonetisation was announced on 8 November 2016, Rs15,41,793 crore worth of withdrawn notes were in circulation. The finance ministry revealed in its written reply that, after verification and reconciliation, as on 30 June 2018 Rs15,31,073 crore worth of notes returned from circulation.
Dr Swamy had raised questions about the total currency in circulation of the old notes of Rs500 and Rs1000 which were demonetised on 8 November 2016 and how many of these old notes were returned to the Reserve Bank of India (RBI) during the campaign for return of old notes. In its response, the ministry said that this shows that 99.31% of the money has returned to circulation after banning of old Rs500 and Rs1,000 notes and just 0.69% of the money (Rs10,720 crore) did not return into circulation.
“Total value of the currency in circulation of the old notes of Rs.500 and Rs1000 denomination that were demonetised on November 8, 2016, post verification and reconciliation, was Rs15,41,793 crore. Out of which, the total value of the Specified Bank Notes (SBNs) of Rs500 denomination and Rs1000 denomination was Rs8,56,445 crore and Rs6,85,348 crore respectively,” said MoS (minister of state) for finance Pankaj Chaudhary in a written reply to Dr Swamy.
“As on June 30, 2018, the total value of SBNs returned from circulation is Rs.15,31,073 crore. Out of which, the total value of SBNs of Rs.500 denomination and Rs.1000 denomination from circulation was Rs.8,53,100 crore and Rs.6,77,973 crore respectively,” the minister added while replying to the question on return of money after the demonetisation.
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