The Finance Ministry has informed Parliament that Rs 10,720 crore worth old Rs 1,000 and Rs 500 notes did not return into circulation after demonetisation.
According to the Ministry, when demonetisation was announced on November 8, 2016, Rs 15,41,793 crore worth withdrawn notes were in circulation. The Ministry told Rajya Sabha that after verification and reconciliation,
as on June 30, 2018 Rs.15,31,073 crore worth returned from circulation.
The Finance Ministry was replying to the questions raised by BJP MP Subramanian Swamy about the return of money in circulation after demonetisation. It shows that 99.31 per cent of the money has returned to circulation after banning of old Rs.500 and 1000 notes and just 0.69 per cent of the money (Rs.10,720 crore) did not return into circulation.
“Total value of the currency in circulation of the old notes of Rs.500 and Rs.1000 denomination that were demonetised on November 8, 2016, post verification and reconciliation, was Rs.15,41,793 crore. Out of which, the total value of the Specified Bank Notes (SBNs) of Rs.500 denomination and Rs.1000 denomination was Rs.8,56,445 crore and Rs.6,85,348 crore respectively,” said MoS Finance Pankaj Chaudhary in a written reply to Swamy.
“As on June 30, 2018, the total value of SBNs returned from circulation is Rs.15,31,073 crore. Out of which, the total value of SBNs of Rs.500 denomination and Rs.1000 denomination from circulation was Rs.8,53,100 crore and Rs.6,77,973 crore respectively,” said the Minister to the question on return of money after the demonetisation.