99.3% demonetised notes are back in banks: RBI

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DemonetisationBanking regulator the Reserve Bank of India (RBI) has revealed that 99.3 percent of the demonetised Rs 500 and Rs 1,000 notes have been submitted back to the banks.

RBI has made this revelation in its annual report that has been released recent.

Of the total notes worth Rs 15.41 lakh crore in circulation before November 8, 2016, notes worth Rs 15.31 lakh crore have been returned.

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

The central bank added that the SBNs received have been verified, counted and processed in the sophisticated high speed currency verification and processing system (CVPS) for accuracy and genuineness and then shredded.

The RBI report state that old Rs 500 and Rs 1,000 notes worth Rs 15,310.73 billion have returned to the banks from circulation.

It hereby declared the processing of SBNs complete.

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