RBI annual report: 762072 fake notes detected in 2016-17

RBI to introduce brand new Rs 1000 note: Report

RBI to introduce new Rs 1000 note by December

So yes, the rumors were indeed true.

An RBI report saying 99 percent of the demonetised currency notes of Rs 1000 and Rs 500 denomination flew back into the banking system after demonetisation, Congress leader Rahul Gandhi asked Prime Minister Narendra Modi to own up the "colossal failure".

Following the report, the Opposition quickly poun-ced on the data to attack the government, with former finance minister P. Chidambaram wondering if demonetisation was "a scheme created to convert black money into white".

Is Rs 1000's Comeback Confirmed?

Meanwhile, whether the new Rs 1000 notes will be available in ATMs or not and the security features it carries are not yet clear.

The RBI spent Rs 7,965 crore on printing new currency notes in 2016-17.

RBI said it pumped in 2380 crore notes totalling Rs 5.54 lakh crore in the two months post demonetization between November 9 to Decemeber 31. But, now dismissing these assumptions, the Finance Ministry has confirmed that there's no way of re-introducing the 1000 Rs note.

Even as that happens, preparations for the design and the paper for printing Rs 1,000 note are in full swing.

Once a person withdraws Rs 2000 from an ATM, it becomes very hard to arrange change, and pay for items having smaller value.

According to RBI, it has got back 98.6% of all the old 1000 rupees note.

As remonetisation gathered pace, the currency in circulation (CIC) also moved up week after week and reached 74.3 per cent of the peak by the end of the financial year. In this system, the ratio between adjacent denomination of currencies is 1:2 or 1:2.5. Such a ratio allows exchange of value ordinarily in a maximum of three denominations.

RBI on August 25 released both the Rs 200 and Rs 50 notes. RBI said its income for 2016-17 decreased by 23.56 per cent while expenditure jumped 107.84 per cent. While the government had printed it for faster remonetisation, it made a decision to focus on lower value denominations.

Right from the inception, Government has been taking some serious measures to fill the note gaps.

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