India Markets closed

Did You Know-What Happened To Demonetised Currency?

Roshni Agarwal

On the scrapped currency, the Centre nearly after two years of demonetisation today said that RBI has completed the verification process in lieu of demonetized notes and noted that the number of demonetized notes deposited with the government was not more than such notes issued.

Also, the government cleared the air on what has been done to the redundant currency of Rs. 500 and Rs. 1000 bank notes post the noteban by saying that the central bank after conducting due verification of such withdrawn currency destroyed it. The RBI report released last year said that 99% of the total demonetized currency came back to the system.

In respect of the withdrawal of the high value currency of Rs. 2,000 issued post-demonetisation, the government refuted such a proposal. Arun Jaitley, last year, in a in a written reply to the parliament said that there was no proposal to withdraw Rs 2,000 bank notes.

It is to be noted that in March this year, Andhra Pradesh Chief Minister Chandrababu Naidu made a call to put a ban on high-value currency of Rs. 2,000 to help prevent corruption during elections.

Also Read:

Cash Demand Increases To Rs. 18.25 Trillion; Up 7% From Demonetisation Levels

RBI Staff Prepare for a 2-Day Strike Over Pension

Did You Know-What Happened To Demonetised Currency?