The "humungous task of processing and verification of specified bank notes (SBNs) was successfully achieved", it said.
Prime Minister Narendra Modi, in a televised address, had announced the scrapping of Rs 1,000 and Rs 500 notes on 8 November 2016, touting it as an attack on black money, corruption and terror funding.
RBI's annual report says overall detection of counterfeit notes in fiscal 2018 was 31.4% lower than the previous fiscal. For instance, the SBI's economic research department, headed by chief economist Soumya Kanti Ghosh, predicted that up to Rs 2.5 lakh crore wouldn't come back into the banking system.
How much money is back?
In its annual report, the Reserve Bank of India (RBI) said the total value of notes returned by the public was 15.3 trillion rupees ($216.7 billion) or 99.3 percent of the total of 15.4 trillion rupees of notes in circulation on November 8, 2016.
Tewari claimed as a effect of the demonetisation exercise, the dividend paid by the RBI to the government of India was halved from Rs 65,876 crore in 2015-16 to Rs 30,659 crore in 2016-17. For instance, parts of the Rs 10,000 crore could lie with money seized by law enforcement, cash still being held with district cooperative banks and in bank notes being held by citizens of Nepal and Bhutan. "The total value of SBNs returned from circulation is Rs 15,310.73 billion" the RBI report said.
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Collateral damage as a result of the rise in printing the notes and other cost was dividend RBI pays to the government.
The process of verifying banned notes involved working in two shifts under strenuous conditions, maintaining detailed records and planning effectively without compromising on other functions of currency management.
The value of banknotes in circulation increased by 37.7 per cent over the year to Rs 18.03 trillion as at end-March 2018.
In March 2017, the share of Rs 500 and Rs 2,000 currency notes, in value terms, accounted for 72.7% of the total value of banknotes in circulation. "125 crore Indians, destroyed the Indian economy, demolished India's global image and brought absolutely no gain to the country", he said. Counterfeiters had also shifted to recreating smaller notes and were now able to replicate en masse the new 500 and 2,000-rupee notes, it said.
Asked about reports of fake notes presented to the banks post-demonetisation, Garg said previous year in a RBI report it was said, that all the notes were verified and the amount of fake notes was "minuscule and ignorable".