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How much expenses did RBI incur due to demonetisation and afterwards for counting SBN?

Asked 2018-02-11 22:18:50 by Anonymous

Answered by NewsBytes

RBI hasn't shared information regarding number of personnel deployed and expenses incurred in counting of old notes. However, as per RBI's annual-report, it spent Rs. 7,965 crore on printing of new Rs. 500, Rs. 2,000 and other notes in 2016-17, more than double of Rs. 3,421 crore spent in 2015-16. The total expenditure of RBI increased by 107.84% to Rs. 31,155 crore in 2016-17.

Will the next ruling government have constitutional power to re-circulate the demonetised notes?

Asked 2018-02-11 19:59:38 by Anonymous

Answered by NewsBytes

Theoretically speaking, the next ruling government can re-circulate the demonetised notes by passing an ordinance. However, since 99% of scrapped notes have already come back into system, it makes little sense to re-monetise the remaining 1% notes.

Is there any way to exchange my old Rs. 500 notes now?

Asked 2018-02-11 17:08:13 by prajwal athreya r

Answered by NewsBytes

Unfortunately, now there is no way to exchange your old Rs. 500 notes. A grace period was given to resident Indians till March 31, 2017 and to NRIs (Indian passport holders) till June 30, 2017. Since, both of these deadlines have passed, you can't do anything now.