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

Key Points

• 98.96%​ is the percentage of 500 and 1000 rupees notes received by RBI after the 2016 demonetization.
• The demonetization was announced on 8th November 2016 by the Government of India.
• The main objective of demonetization was to curb black money, counterfeit currency, and corruption.
• During this period, the old 500 and 1000 rupees notes were invalidated and new currency notes were introduced.
• The received percentage reflects the amount of old currency notes that were returned to the banking system.

Additional Information

• Demonetization is the act of stripping a currency unit of its status as legal tender.
• It is a tool used by governments to address issues like inflation, corruption, and tax evasion.
• Post-demonetization, the Reserve Bank of India (RBI) played a crucial role in managing the transition and ensuring liquidity in the economy.
• The demonetization move led to short-term economic disruptions but aimed at long-term benefits such as a cashless economy.
• The Government of India also introduced various measures to promote digital transactions and financial inclusion.