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RBI announces the alarming reports of 2016-17

The Annual Report dated 2016-17 of Reserve Bank of India announced that out of the total amount of banned 500 and 100 currencies, approximately 99% have been returned by the end of June and 1% that has not returned adds up to around Rs.16,000 crore. There were around 632.6 crores in pieces of the denominations of 1000 and 8.9 crores have not been returned out of these. Surprise move of Modi has worked really well.