P Chidambaram slams RBI over note ban

RBI to introduce brand new Rs 1000 note: Report

However, in a bid to revive the economy gradually, the central bank under Urjit Patel's governance introduced new Rs 500 and Rs 2,000 notes within days of demonetisation.

The apex banking system in its annual report stated that only 1.3 percent of Rs. 1000 notes didn't return after the Centre's demonetisation exercise. For some categories of people, like NRIs, however, the deadline was June 30.

Senior Congress leader P Chidambaram on Wednesday hit out at the government and the RBI over the demonetisation decision, saying that only one percent of the junked notes had not returned to the central bank and it was a "shame". A collateral damage as a result of rise in printing and other cost was dividend RBI pays to the government. However, the huge gap between the Rs 500 and Rs 2,000 notes is creating trouble for the common man as exchange has become a major trouble. RBI's interest income dropped 10% to Rs 66,051 crore from Rs 73,543 crore in the previous year.

Roughly 89 million of the 6.7 billion Rs 1,000 notes in existence were not deposited following demonetisation and still remain in circulation.

Experts say that what goes for 1000-rupee notes is equally applicable for 500-rupee notes. According to the RBI, 2,56,324 Rs 1,000 notes valued at Rs 25.63 crore were detected during FY17. It has touched Rs 13.10 lakh crore at the end of March 2017. It also issued Rs 2000 notes for the first time.

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He also said that the demonetisation scam not only dented institutional sanctity of the RBI, but also credibility of India overseas and demanded an apology from the prime minister.

"Buoyed by festival demand and a bumper kharif harvest, a renewed pick-up in currency in circulation was beginning to form in Q3 when demonetisation abruptly stifled it".

In 2016-17, the banking regulator who is in charge of printing currency notes has spent Rs 7,965 crore on printing them. "The economists deserve a Nobel Prize", Chidambaram said, sarcastically.

It was not immediately clear just how the Rs 1,000 notes that were called back, failed to either tackle the black money crisis or the fake currency menace, even though both the objectives were offered up by the government as necessary aims of the demonetisation drive.

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