In its annual report for the financial year 2017-18, the RBI (Reserve Bank of India) said that nearly all of the banned bank notes, that is 99.30 percent were returned to the central bank. The RBI released the statutory report of its Central Board of Directors on Wednesday, and it said that the processing of SBNs (Specified Bank Notes) was completed and they were worth Rs 15,310.73 billion.
"The total value of SBNs in circulation as on November 08, 2016, post verification and reconciliation, was Rs 15,417.93 billion. The total value of SBNs returned from circulation is Rs 15,310.73 billion," the report said.
SBNs of Rs 500 and Rs 1,000 denominations were withdrawn from the banking system on 8 November 2016, in an effort to curb black money circulation. A grace period was provided to Indian citizens who were outside India between November 9 and December 30, 2016, to deposit SBNs held by them at any of the five Reserve Bank Offices (Mumbai, New Delhi, Chennai, Kolkata, and Nagpur). The grace period for a resident of India was available till March 31, 2017, and that for non-resident Indian citizens was June 30, 2017.