SBNs refer to demonetized old Rs. 500 and Rs. 1,000. The indent for Rs 2,000 notes also fell 15.1 crore pieces in 2017-18 from 350.4 crore a year earlier.
It took almost two years for RBI to complete the tasks of processing and verifying banned currency notes, its annual report showed. The RBI said the humungous task of currency management, including remonetisation, processing and reconciliation, was achieved in record time. The SBNs received were verified, counted and processed in the sophisticated high speed CVPS (currency verification and processing system) for accuracy and genuineness, and shredded and briquetted in the shredding and briquetting system, it said.
The Congress on Wednesday demanded an apology from Prime Minister Narendra Modi, alleging he lied to the country over the demonetisation issue, after the RBI said nearly all the 500 and 1,000 currency notes scrapped in November 2016 returned to the banking system.
The RBI said that the total value of the demonetised currency returned to the banks now stands at Rs 15.3 lakh crore.
Quoting RBI report, the Trinamool Congress supremo said 99.3 per cent of the demonetised money has come back to the banking system. They have been disposed of and the final account that has come up is about Rs. 10 thousand odd crore of the notes have not come back.
"I suspect that the bulk of the Rs 13,000 crore is in Nepal and Bhutan and some that was lost or destroyed".
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Now, even if 100% of demonetised currency returned to the system, it does not mean all of this cash was "white" or money that was generated through wholly legal means. Crores of daily wage earners lost their jobs and the country lost 1.5 pc of GDP growth that translates into Rs 2.25 lakh crore per year, he claimed. It was said that this amount would be over Rs 3 lakh crore.
West Bengal chief minister Mamata Banerjee said her apprehensions about the impact of demonetisation on the Indian economy had been held true by RBI report.
Over Rs 2 lakh crore of black money reached banks, while around Rs 1.75 lakh crore deposited by people post-note ban was under suspicion, it had said, adding that around 18 lakh people with disproportionate income were under government scrutiny.
In a series of tweets, the former finance minister also said RBI figure has suggested that the government had actually demonetised only Rs 13,000 crore and the "country paid a huge price" for it.
Demonetisation had been described by the government as a major step to curb black money, corruption and check counterfeit currency. Over five lakh shell companies were closed down, he said.
"The value of banknotes in circulation increased by 37.7 per cent over the year to Rs 18,037 billion at March-end 2018", it said.