99% demonetized Rs. 1,000 notes returned to RBI
The RBI website announced that roughly 99% of the demonetized Rs. 1000 currency notes had returned into the banking system. By late March 2017, RBI said Rs. 8,925 crore in Rs 1,000 notes were in 'circulation'. These were the currency "held outside Reserve Bank" by the public, banks treasuries etc. This suggests that only 1.3% of the notes were not returned after 8 November.
Scenario before demonetization hit India
As on November 8, right before demonetization, of almost Rs. 17.50 lakh crore currency in circulation, the Rs. 500 and Rs. 1,000 notes made up about Rs. 15.50 lakh crore, or 88 per cent of the total currency.
Rs. 14 lakh crore in old notes are back
Media reports claimed that RBI and the government sources had revealed that approximately Rs. 14 lakh crore in demonetized currency has been returned to the banks so far. This also implies that only Rs. 75,000 crore in demonetized currency has not returned to the RBI. The government is toying with the proposal to decentralize the process of counting to expedite it.
RBI says its still counting, numbers quoted previously not verified
In January 2017, the RBI clarified that it was still counting the old notes returned to the banking system, in order to eliminate double counting. It told the people that the "numbers being quoted should not be construed as verified".
Demonetization: Still counting number of returned notes, says Urjit Patel
RBI Governor Urjit Patel appeared before the Parliamentary Standing Committee on Finance to answer queries regarding demonetization. However, he failed to answer the burning question: How many notes returned to the banking system post-demonetization? He said RBI is still counting the number of deposited banned notes. The Committee was to submit its report on demonetization during the Parliament's Monsoon Session, beginning on 17 July.
Why similar calculations not possible for Rs. 500 notes?
No new information was given by RBI on Rs. 500 currency. This is also because the figures for Rs. 500 notes post 31 March would only be for the new ones and not the old ones in circulation. This wasn't the case with Rs. 1000 currency where no new notes were introduced after the demonetization exercise.
