This is the first time the RBI revealed details on the demonetised notes after Prime Minister Narendra Modi scrapped old Rs 1000 and Rs 500 currency notes in November a year ago.
Chidambaram also said that the economists behind the demonetisation move "deserve Nobel prize" as the RBI gained Rs 16,000 crore, but lost Rs 21,000 crore in printing new notes.
The RBI annual report said that barring Rs 100, the detection of fake notes increased across denominations-notably, Rs 500 notes and Rs 1000 notes-during 2016-17.
Bengaluru: I-T raids unearth Rs 4.7 crore in new Rs 2,000 currency notes from state govt engineers. As of March 31, 2016, there were 1,570.7 crore Rs 500 notes in circulation. It is then, Rs 200 notes have been introduced for the circulation of the currency. However, the meagre amount of banned Rs 1000 notes not returning to the banks shows their claim was exaggerated.
"Buoyed by festival demand and a bumper kharif harvest, a renewed pick-up in currency in circulation was beginning to form in Q3 when demonetisation abruptly stifled it".
According to the person, the printing of Rs 2,000 notes was stopped about six months back.
Denying that demonetisation failed to achieve its objectives, Finance Minister Arun Jaitley on Wednesday said the measure had succeeded in reducing cash in the economy, increasing digitisation, expanding the tax base, checking black money and in moving towards integrating the informal economy with the formal one.
He said:"99% notes legally exchanged!" While the demonetisation exercise may not have resulted in black money being destroyed in the form of unreturned notes, it may help in tracing unaccounted wealth, RBI said. Although data is not released but in all probability 98-99% of 500-rupee notes must also have come back. These were issued by select RBI offices and some banks.
He also said that the demonetisation scam not only dented institutional sanctity of the RBI, but also credibility of India overseas and demanded an apology from the prime minister. The value of the SBNs received by the currency chests has been credited to the banks' account on "said to contain basis".
The final deposit figures could still rise since on June 20, 2017, the government allowed District Central Cooperative Banks to deposit the withdrawn notes that had been accepted by them from customers between November 10-14.
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