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Of Rs 15.44 lakh crore of banned notes, Rs 15.28 lakh cr, or 99%, returned to the system, says RBI (Lead)

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Mumbai, Aug 30 (IANS) Revealing the low efficacy of last November’s demonetisation of high-value currency, the RBI said on Wednesday that of the Rs 15.44 lakh crore of notes taken out of circulation, Rs 15.28 lakh crore, or almost 99 per cent, had returned to the system by way of deposits by the public.

“Subject to future corrections based on verification process when completed, the estimated value of SBNs received as on June 30, 2017 is Rs 15.28 trillion,” the Reserve Bank of India (RBI) said in its annual report for the last fiscal.

According to the RBI, 89 million pieces of the banned Rs 1,000 totalling Rs 8,900 crore had not been returned (by March 2017) out of 6,858 million such notes amounting to Rs 6.85 lakh crore. Thus the figure not returned till end March amounted to a mere 1.3 per cent of Rs 1,000 notes in circulation before the demonetisation announcement on November 8, 2016.

On that day total currency in circulation stood at Rs 17.97 lakh crore, of which 86 per cent, or Rs 15.44 lakh crore, was scrapped by demonetisation of Rs 500 and Rs 1,000 notes.

The central bank did not provide separate figures in respect of the banned Rs 500 notes which had not returned.

In the report on fake Indian currency notes (FICA), RBI said the past fiscal had yielded 7,62,072 pieces of FICN, which was higher than the 6,32,926 such notes seized in 2015-16.

The RBI also said that the value of banknotes in circulation declined by 20.2 percent during the year to Rs 13.1 lakh crore, reflecting the impact of demonetisation.

The volume of banknotes, however, increased by 11.1 per cent, mainly owing to greater infusion of lower denomination banknotes in circulation following the demonetisation.

The share of Rs 2,000 banknotes in the total value of banknotes in circulation was 50.2 per cent at end-March 2017.

The RBI spent Rs 7,965 crore on printing new currency notes in 2016-17.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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