CURRENT AFFAIRS

Detailed explanation-1: -In its annual report for 2017-18, the RBI declared that 99.3 per cent (worth Rs 15.3 lakh crore) of the demonetised notes came back to the banks. Out of the Rs 15.41 lakh crore in circulation before November 8, 2016, Rs 15.3 lakh crore came back to the banks. Notes worth Rs 11,000 crore are still out of the system.

Detailed explanation-2: -Let us take a look with available data. Did demonetisation achieve the target of ending the killing black money economy? According to Reserve Bank of India (RBI) data, almost the entire chunk of money (more than 99 percent) that was invalidated came back into the banking system.

Detailed explanation-3: -On November 8, 2016 Prime Minister Narendra Modi had announced demonetisation of old Rs 1,000 and Rs 500 banknotes and one of the key objectives of the unprecedented decision was to promote digital payments and curb black money flows.

Detailed explanation-4: -Members of public can exchange banknotes in ₹ 500 and ₹ 1000 denominations, whose legal tender status has been withdrawn, at Reserve Bank of India counters up to the current limits (Rs 2,000 per day) per person as hitherto, the central bank said.

Detailed explanation-5: -All these notes can be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the Reserve Bank of India. There is no need to fill any form for doing this.