19.5 Crore Worth Fake Currency Returned to Banks

Reserve Bank of India finally clarified about the quantum of Fake Notes that arrived in Banks post the Demonetization. In a reply to an RTI Query, the Central Bank Revealed that 246,374 Fake Notes of 500 and 1000 Denominations were deposited in Banks and their total is about 195,355,500.

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RBI revealed that Modi’s Demonetization had flushed out currency worth 1544035 Crore which amounts to 86% of the total Currency notes in circulation. Things are near to normal in cities and slowly limping back to the normal in rural areas.

It is expected that probably at the end of February, we may attain the completely normal. On the other side, The Central Bank is yet to reveal how much Currency is deposited back to the banks which will give us an idea about how much Black Money is flushed out of the system.