It was revealed on Wednesday by the Reserve Bank of India that out of the Rs. 15.44 lakh crores of notes removed from circulation in November, 99% of it has been returned to the system through deposits by the public.
In its annual report, the RBI mentioned, “Subject to future corrections based on verification process when completed, the estimated value of SBNs received as on June 30, 2017, is Rs 15.28 trillion.”
The report also stated that 7,62,072 pieces of fake Indian currency notes were found by the RBI which is much higher than the previous fiscal year when 6,32,926 notes were seized in 2015 to 2016.
The impact of Demonetization resulted in the value of banknotes declining by 20.2% during the past year.
The RBI also reported that it spent Rs. 7,965 crores to print the new currency notes in 2016 and 2017.
