Over 99.3% of demonetised notes back with RBI
Mumbai, Aug 29: Over 99 per cent of the Rs 15.3 lakh crore taken out of circulation through demonetisation in November 2016 has returned to the Reserve Bank of India (RBI), the central bank announced on Wednesday.
The RBI's annual report 2017-18 said that on completion of the process of verification of the scrapped Rs 500 and Rs 1,000 notes, it is found that the total value of the demonetised currency returned to the banks now stands at Rs 15.3 lakh crore, which amounts to 99.3 per cent of the Rs 15.4 lakh crore worth of such notes in circulation on November 8, 2016.
"The total value of SBNs (specified banknotes) returned from circulation is Rs 15,310.73 billion," the report said.
"The total value of SBNs in circulation as on November 8, 2016, post verification and reconciliation, was Rs 15,417.93 billion."
The RBI also said the value of banknotes in circulation stands at 18 lakh crore till the end of the last fiscal.
"The value of banknotes in circulation increased by 37.7 per cent over the year to Rs 18,037 billion at March-end 2018," it said.
Besides, notes issued by the RBI in the one-year period between June 2017 and June 2018 increased by nearly 27 per cent.
"The notes issued increased by 26.93 per cent from Rs 15,063.31 billion as on June 30, 2017 to Rs 19,119.60 billion as on June 30, 2018," the report said.
"The increase is on account of the continued efforts of the Reserve Bank to supply adequate quantity of banknotes to meet the transactional needs of the public," it added.
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Ex-minister Ramanath Rai hits out at BJP leader Ashoka for ‘irresponsible’ comments on KC Venugopal
Mangaluru: Congress leader and former minister B Ramanath Rai slammed BJP leader R Ashoka for calling AICC General Secretary KC Venugopal an agent of the party high command, and asked if the general secretary and other office-bearers in the BJP were commission agents too.
Rai, who addressed a press meet at the Congress office in the city on Friday, expressed fury over the recent comments of the BJP leader that Chief Minister Siddaramaiah was presenting himself in a shameless manner in public life. Ashoka, who is also Leader of the Opposition (LoP) in the Karnataka Legislative Assembly, had said that the Congress government had ‘broken every previous record on corruption-related controversies’.
“Ashoka has spoken with sheer ignorance and displays his lack of maturity, as he often does while facing the media. KC Venugopal has been working at organization of the party and it is unbecoming of Ashoka to criticize Venugopal as he did,” Rai told reporters.
“Being in a responsible position, how acceptable is it for Ashoka to pass disrespectful, random comments about another leader who also holds a responsible position? If KC Venugopal is indeed an agent of the party high command, what should we consider BJP leaders to be? Are they brokers?” he asked
Commenting on Ashoka’s allegations of corruption in the Congress government in Karnataka, Rai pointed out, “The KSRTC land was sold to private parties when he (Ashoka) was transport minister. We can find several such cases across the state, which need to be probed.”
The former minister, however, refused to comment on the incident that occurred at Mangaluru airport during CM Siddaramaiah’s visit to the city recently.
Former mayors Ashraf and Shashidhar Hegde, Congress activists Vishwas Kumar Das, Subhodaya Alva, Shabeer, Baby Kundar, Padmanabha, Nazeer Bajal and Prem were present.
