RBI says no information on demonetised 500, 1,000 notes utilized at petroleum siphons

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As much as 99.3% of the trashed ₹500 and ₹1,000 notes have come back to the financial framework, the RBI had expressed in August a year ago

The RBI in answer to a RTI question said it has no information on the old 500 and 1,000 rupee notes used to pay for service bills, for example, fuel at petroleum siphons, which are accepted to have framed a decent piece of the demonetised money that came back to the financial framework.

After the November 8, 2016 stun choice to boycott the utilization of old 500 and 1,000 rupee takes note of, the administration had permitted the trading of the trashed notes just as they being utilized for installment of service bills for 23 administrations.

Both 500 and 1,000 rupee notes could be utilized at government emergency clinics, railroad ticketing, open transport, aircraft ticketing at airplane terminals, milk stalls, crematoria/graveyard, oil siphons, metro rail tickets, buy of medications on specialist remedy from the legislature and private drug stores, LPG gas barrels, rail line cooking, power and water charges, ASI landmark passage tickets and roadway toll.

On November 25, 2016, the trading of old notes was ceased and the legislature permitted the utilization of just old 500 rupee notes at these utilities till December 15, 2016. The legislature, in any case, halted the utilization of even this cash at oil siphons and for the buy of air tickets at airplane terminals unexpectedly with impact from December 2, 2016, after reports that they are getting to be fronts for washing of old money notes.

In answer to the Right to Information (RTI) inquiry, the RBI stated: “data on (refuted) notes utilized for paying service bills isn’t accessible with us.” As much as 99.3% of the trashed ₹500 and ₹1,000 notes have come back to the financial framework, the RBI had expressed in August a year ago, demonstrating that only a minute level of cash was let alone for the framework after the administration’s exceptional note boycott went for checking dark cash and debasement.

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Of the Rs. 15.41 lakh crore worth Rs. 500 and Rs. 1,000 notes available for use on November 8, 2016, when the note boycott was declared, cash worth Rs. 15.31 lakh crore have been returned.

“The office of trade of Specified Bank Notes at banks’ counter was accessible up to November 24, 2016,” it said. Indicated Bank Notes or S B N is the term used to signify the demonetised cash which was permitted to be saved in financial balances till December 30, 2016. The Reserve Bank of India additionally said it didn’t have data on the quantity of SBNs used to purchase KYC-consistent instruments like protection arrangements.

The national bank alluded a piece of the RTI to the Insurance Regulatory and Development Authority of India (IRDAI) which additionally expressed that it doesn’t have data on old notes used to pay for protection strategies as “it isn’t kept up by the Authority”.

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RBI board had said note boycott a praiseworthy advance however will have transient negative impact on GDP for current year

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