What percentage of 500 and 1000 rupees notes was received by RBI after the 2016 demonetization?

Correct option is A

Correct Answer: (a) 98.96%

Explanation:

n its 2016-17 annual report, the Reserve Bank of India (RBI) stated that 98.96% of the demonetized ₹500 and ₹1,000 notes were returned to the banking system.ut of ₹15.44 lakh crore worth of these notes in circulation before the demonetization announcement on November 8, 2016, notes worth ₹15.28 lakh crore were deposited back into banks.

Knowledge Booster:

• Demonetization Announcement: n November 8, 2016, the Government of India declared that ₹500 and ₹1,000 banknotes would cease to be legal tender, aiming to combat black money, counterfeit currency, and corruption.
• Currency in Circulation: efore demonetization, ₹500 and ₹1,000 notes constituted approximately 86% of the total currency in circulation in India.
• Currency Returned: he high percentage of returned notes indicated that a significant portion of the demonetized currency was accounted for within the formal banking system.
• Unreturned Currency: pproximately ₹16,050 crore worth of the demonetized notes were not returned to the RBI.
• Impact on Counterfeit Currency: ost-demonetization, the RBI reported a decrease in counterfeit notes detected in the demonetized denominations but noted an increase in counterfeit notes of other denominations.
• Additional Knowledge:
• (b) 95.65%: his figure is lower than the actual percentage of demonetized notes returned, as reported by the RBI.
• (c) 93.27%: his percentage also underestimates the actual amount of currency that was returned post-demonetization.
• (d) 97.45%: hile closer, this figure still does not match the RBI's reported data on the returned currency.