The RBI had to spend extra on printing notes and paying banks interest on reverse repo deposits of the huge influx of non-voluntary deposits in the wake of demonetisation, resulting in a big drop in its payout to the government.
Surjewala said the Finance Ministry had stated that demonetisation aimed at ending fake currency. "When note ban was announced, it promised two things".
Earlier, former finance minister P Chidambaram had slammed the government terming note ban move as "disaster" and "anti-national".
Insisting that the impact of noteban was "extremely positive", the finance minister said on Thursday, "Confiscation of money was not the objective of demonetisation..."
"The real object of demonetisation was formalisation, attack on black money, less cash currency, bigger tax base, digitisation, a blow to terrorism", Jaitley said.
PM Modi led government had thought that by banning the old notes the government would be able to hit the hoard of black money in the country.
Chidambaram had also said that 99 per cent notes legally exchanged.
Ananth Narayanan, chief executive officer of Myntra, said an average of 40 per cent of their customers paid made payments digitally before demonetisation. Reserve Bank of India reports, 98.96 percent of banned Rs 1000 and Rs 500 notes due to demonetization exercise are returned to the bank by the end of June.
"The Government had expected all the Specified Bank Notes (SBN) to come back to the banking system to become effectively usable currency".
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The AAP said demonetisation broke the backbone of the country's economy and lashed out at the Reserve Bank of India for "lying" to the nation about the total amount of Rs 500 and Rs 1,000 notes in circulation before the drive.
"Subject to future corrections based on verification process when completed, the estimated value of SBNs (specified bank notes) received as on June 30, 2017, is Rs 15.28 lakh crore", RBI said.
He also said that the manufacturing industry is continuously contracting and that "Make in India" continues to remain a slogan.
Expectations of various quarters that sizable portion of the demonetised currency won't return has not been fulfilled. Instead just Rs 1,600 crore has not re-entered the banking system.
The Narendra Modi government is all set for an expansion-cum-reshuffle on 2 September, media reports have said. And if that is indeed the case, then demonetisation simply helped some people turn black money into white.
During the meeting, the Prime Minister also asked the ministers to spread the message of the government about work done for the benefit of weaker sections of the society especially the OBCs.
And the ₹8.9 crore figure might dip further - RBI reportedly still hasn't counted the currency returned to district central cooperative banks and those returned in Nepal.
According to the report issued by the RBI, for the financial year, 2016-17 now total of 3285 million notes of 2000 are in circulation, worth the value of 6571 billion rupees and 5882 million notes of 500 are in circulation worth the value of 2941 billion rupees. The RBI had to incur Rs 45 billion higher printing costs than in FY2016 on the back of 37% higher supply of notes as well as higher freight costs.