99.3% of demonetized currency returned to banks: RBI

India

29 Aug 2018

99.3% of demonetized-notes worth Rs. 15.31-lakh-crore returned to banks: RBI

As many as 99.3% of the old Rs. 500 and Rs. 1,000 notes, that were banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report.

Of the Rs. 15.41 lakh crore worth Rs. 500 and Rs. 1,000 notes in circulation before November 8, 2016, notes worth Rs. 15.31 lakh crore have been returned.

Here's more.

Verification

SBNs were verified, counted, processed for accuracy and genuineness: RBI

SBNs were verified, counted, processed for accuracy and genuineness: RBI

"The humongous task of processing and verification of Specified Bank Notes (SBNs) was successfully achieved," RBI said.

The SBNs received were verified, counted and processed in sophisticated high-speed Currency Verification and Processing System (CVPS) for accuracy and genuineness and then shredded, it added.

SBNs refer to demonetized old Rs. 500 and Rs. 1,000.

RBI said the processing of SBNs has since been completed.

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Demonetization

India

Banking

Demonetization Effects

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CVPS

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Reserve Bank

SBNs

Specified Bank Notes

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