Despite the Reserve Bank of India dismissing reports that suggested 97 per cent of the demonetised currency had returned to the bank's coffers by December 30, its own weekly figures on "currency in circulation" indicate that this number is correct.
These figures, in fact, suggest that only Rs 54,000 crore of the notes banned on November 8 last year failed to make it back in chartered accountant firms in mumbai
More worryingly, this figure has been arrived at on the assumption that no new notes were issued after December 19 -- a near impossibility. This could well open up the intriguing possibility that more banned notes may have returned than were said to be in circulation.
December 19 was the last time the RBI gave any information on how much of the demonetised currency was back. Even the tally on new notes circulated are not available.
On Friday (January 13), in its weekly ..
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