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'Where is black money?' asks Opposition after RBI's figures on demonetisation


RBI said that 3.7 lakh pieces of Rs 500 fake notes (old design) were detected and in the case of Rs 1,000 currency notes 2.56 lakh pieces were detected.

"Subject to future corrections, based on the verification process when completed, the estimated value of SBNs [specified bank notes] received as on June 30, 2017, is ₹15.28 trillion", the RBI said in a report released on Wednesday.

The design of the new currency note is being now finalized, and printing press in Mysore and Salboni will start printing them once sufficient amount of Rs 200 currency notes have been printed there. "More than 100 direct remittances were sent to currency chests in various issue circles", the RBI said.

The re-monetisation exercise undertaken by the government where it pumped money in the form of new ₹2,000 notes and new ₹500 notes as well as the logistical exercise of airlifting them to various centres had caused this sharp increase in expenses. "That is 1%. Shame on RBI which "recommended" demonetisation". The old currency was allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.

Details of these "enhanced security features" for Rs 1000 currency notes haven't been revealed, for obvious reasons.

As much as 99 percent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, RBI said on Wednesday, prompting opposition to question the efficacy of the government's unprecedented note ban decision to curb black money and corruption.

This implies that high-denomination currency in the economy till March 2017 amounted to Rs 9.60 lakh crore, as compared to that in the preceding year, when the figure stood at Rs 14.18 lakh crore, according to RBI data. The share of newly introduced 2000 banknotes in the total value of banknotes in circulation was 50.2% at end-March 2017. "The economists deserve Nobel Prize", Chidambaram said. "Next in line for printing is the Rs 1,000 note".

The latest list of companies that could be sent to bankruptcy court was drafted after the RBI in June asked banks to take 12 of India's biggest defaulters to bankruptcy court under new powers given to it.

Yechury said the boasts of black-money, terror & counterfeit currency ending, have all fallen flat.

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