RBI Annual Report 2017-18: 99% Banned Notes Returned, Circulation of Currency More Than Pre-Demonetisation Days Now
The value of banknotes in circulation increased by 37.7 per cent over the year to Rs 18,037 billion as at end-March 2018.
Mumbai, August 29: RBI's Annual Report for the year 2017-18 states that almost all the banned currency in India during demonetisation was returned to the Reserve Bank of India, except 1 percent. RBI has now completed the process of verifying banned currency notes and according to the report, "On November 8, the number of Rs 500 and Rs 100 notes in circulation was 15.4 lakh crore and the total value of specified bank notes (SBNs) returned to the banks now stands at 15.3 lakh crore." World Bank Report Says India Has Overcome Demonetisation, GST Impact, Sounds Caution on Jobs Front
The report further highlights that the Indian economy has exhibited resilience during 2017-18, with upturns in investment and construction. "Implementation of GST achieved another important milestone towards an efficient indirect tax structure. On the external front, the current account deficit was comfortably financed with accretions to foreign exchange reserves. In the evolution of monetary aggregates, currency in circulation surpassed its pre-demonetisation level while credit growth revived to double digits from a historic low in the previous year."
It was further highlighted in the report that the" domestic financial markets were broadly stable, with rallies in equity markets, and intermittent corrections, hardening bond yields, the rupee trading with a generally appreciating bias except towards close of the year and ample liquidity in money markets". In November 2016, the government announced demonetisation, after which all Rs 500 and Rs 1000 bank notes of Mahatma Gandhi became inoperational.
The report further said, "The value of banknotes in circulation increased by 37.7 per cent over the year to Rs 18,037 billion as at end-March 2018. The volume of banknotes, however, increased by 2.1 per cent."
(The above story first appeared on LatestLY on Aug 29, 2018 12:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).