The Reserve Bank of India finally revealed the quantum of notes that have returned into the system post the Demonetization. RBI has informed that the Specified Bank Notes Processing has been completed at all centers of the Reserve Bank.
The total SBNs returned from circulation is 15310.73 Billion. The total value of SBNs in circulation as on November 8th, 2016 was 15417.93 Billion which means nearly all (99.15%) banned notes were deposited back indicating that the Demonetization is a big failure.
RBI says an amount of Rs 10,720 crore, representing the value of specified banknotes has not been paid on June 30, 2018, which is nowhere near the cost of the implementation and not worthy of the hardships faced by the people.
