RBI data casts doubt on value of demonetisation

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Figures from the Reserve Bank of India (RBI) show the recent demonetisation was much less successful than hoped, with 99% of recalled notes having been returned to branches around the country.

In its latest annual report, India’s central bank declared that of the Rs15.44 trillion ($240 billion) demonetised at the end of 2016, Rs15.28 trillion had been returned.

“Subject to future corrections based on verification process when completed, the estimated value of SBNs [specified bank notes] rece

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