99.3% of demonetised notes are back; Rs 15.31 trillion returned: RBI

500- and 1000-rupee notes worth Rs 15.41 trillion were demonetised.

DeMonetisation News: As many as 99.3 per cent of the old 500 and 1,000 rupee notes, that was banned overnight in November 2016, have been returned, the Reserve Bank of India said in its annual report.

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

The "humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved," it said.

The SBNs received were verified, counted and processed in the sophisticated high-speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded, it added.

SBNs refer to the demonetised old 500 and 1,000 rupee.
RBI said the processing of SBNs has since been completed. "The total SBNs returned from circulation is Rs 15,310.73 billion".

Read the annual report on → DeMonetisation

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News Source: BS

What will RBI do with scrapped currency notes?

With about Rs 8.45 lakh crore worth of scrapped notes of Rs 500 and Rs 1,000 bank notes deposited in bank accounts across India over 20 days from Prime Minister Narendra Modi’s demonetisation announcement on November 8, banks are plush with cash and depositing it with the Reserve Bank of India (RBI). And RBI has been supplying banks newly printed Rs 500 and Rs 2,000 notes, besides other valid currency notes, to meet the demand of people queueing up at banks and ATMs for cash.

Related Story: Petrol pumps, airlines will accept banned Rs 500 notes only till Dec 2

But, what will RBI now do with the humongous stock of scrapped currency notes? It has already chalked out a plan. Even as sorting, verification and shredding of banned notes are underway at multiple centres of the central bank, a Kerala-based plywood company has received the contract to pulp these notes. The company has already accepted tonnes of currency notes over the past three weeks.

An Economic Times report quoted P K Mayan Mohamed, managing director of Western India Plywood (WIPL) as saying that the plywood company had received “over 140 tonnes of Rs 500 and Rs 1,000 notes for pulping over the past three weeks”.

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