Prime Minister Narendra Modi has declared that the bank will not be able to withdraw the cash withdrawal of 500 and 1,000 rupees on 8th November, 2016. It was also suggested that banknotes can be made in bank and post offices.
Subsequently the public changed their old banknotes. It was given a specific deadline. Later, the new 500 and 2,000 banknotes were printed and published. A few new days ago, 200 and 50 rupees were released.
In this regard, the Reserve Bank of India issued an annual report for 2016-17. It is said: –
Prior to remittances, 632.6 crore and 1,000 banknotes were in circulation. Of this, 8.9 crore notes were not returned. This is 1.4 percent.
Last year (2016), March 31, the country had a total of 1,570.7 crore and 500 rupees notes. But this year (2017) fell to 588.2 crore on March 31.
The cost of printing banknotes is now about 2 times higher. Last year, this amount was Rs. 3,421 crore, which is currently Rs. 7,965 crore.
In the last financial year, there were 7.62 lakh cigarettes. It was 20.4 percent more than last year.
Thus it is said.