Almost all the demonetised currency is back in the economy, according to the Reserve Bank of India. In its annual report the central bank said that 99.3% of the demonetised notes have been returned.
Reserve Bank of India has completed the task of processing and verification of the large value notes (Rs 500, Rs 1,000) which were withdrawn from circulation following their demonetisation in November 2016.
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The RBI said that to verify banned notes the employees worked in two shifts under strenuous conditions, maintaining detailed records and planning effectively without compromising on other functions of currency management.
The processing capacity was augmented by resorting to night shifts (along with day shifts), working for 6 days a week, using 8 additional machines available with commercial banks and taking 7 machines on lease from vendors.
The total value of banned notes, which RBI refers to as Specified Bank Notes (SBNs), in circulation as on 8 November 2016, post verification and reconciliation, was Rs 15.41 trillion.
The total value of SBNs returned to banks is Rs 15.31 trillion, RBI said in its 2017-18 annual report.
Of the total Rs 107.20 billion in demonetised notes were not returned, as of 30 June 2018.
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In value terms, the share of Rs 500 and Rs 2000 banknotes, which had together accounted for 72.7 per cent of the total value of banknotes in circulation at end-March 2017, increased to 80.2 per cent as at end-March 2018.
The focus of currency management in 2017-18 remained on remonetisation, processing and reconciliation of SBNs received at the Reserve Bank from circulation.
Ceaseless efforts towards remonetisation continued during the year which saw the issuance of banknotes of Rs 10 and Rs 50 under the new series and introduction of Rs 200, a new denomination.