97% of demonetised notes are back? RBI says don't know yet
Reserve Bank of India (RBI) has clarified on media reports that said 97% of all Rs 500 and Rs 1000 notes that were demonetised have found their way back to bank accounts.
RBI said, "We would like to clarify that the periodical Specified Bank Notes (SBN) figures released by us were based on aggregation of accounting entries done at the large no of Currency Chests all over the country. Now that the Scheme has come to an end on December 30, 2016, these figures would need to be reconciled with the physical cash balances to eliminate accounting errors/ possible double counts etc."
It further said, "RBI has already initiated this process and till this is completed any estimate may not indicate the actual numbers of the SBNs that have been returned. RBI is taking all steps to complete the process expeditiously so as to release firm figures of SBNs received at an early date."
Media reports suggested that nearly all of the Rs 15.44 lakh crore that was demonetised by Prime Minister Narendra Modi on November 8, 2016 has been deposited in bank accounts.
Modi government had told the Supreme Court that it expected only Rs 10-11 lakh crore to be deposited while the rest would be extinguished.
Many experts suggested that the extinguished money to the tune of Rs 4-5 lakh crore would bring down's RBI's liability and in turn, improve fiscal situation of the government.