India now has currency denominations of Re 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 100, Rs 500 and Rs 2,000.
RBI said just 8.9 crore pieces of Rs 1,000 notes or 1.3 per cent of the scrapped ones have not returned.
Following the report, the Opposition quickly poun-ced on the data to attack the government, with former finance minister P. Chidambaram wondering if demonetisation was "a scheme created to convert black money into white".
RBI said there were as many 588.2 crore of Rs 500 notes, both old and new in circulation as of March 31, 2017. "The economists deserve Nobel Prize".
"The printing presses at Mysore and Salboni are getting ready to print the brand-new Rs 1,000 notes which will have enhanced security features, printing of Rs 2,000-denominated notes stopped at least six months back and now the Rs 200 notes are getting printed at these presses". While the demonetisation exercise may not have resulted in black money being destroyed in the form of unreturned notes, it may help in tracing unaccounted wealth, RBI said.
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Reacting to this figure, Chidambaram said that it was shamefull for the RBI.
In a statement, the finance ministry said on Wednesday that the effective currency in circulation today is only 83 per cent with full remonetisation having taken place.
The RBI also said the supply of Rs 200 notes will soon be ramped up across the country through banking channels. The trail of deposits of demonetised notes into bank accounts may provide valuable information to the revenue authorities in tracing unaccounted money, it said. The detection of counterfeit notes was 20.4 per cent higher than the previous year. As some of these SBNs are still lying in the currency chests.
The numbers come as part of the RBI's annual report, which also shows that out of the 6.7 billion Rs 1,000 notes, 89 million notes are still in circulation and therefore have not come back into the system.
"Demonetisation scam, not only dented institutional sanctity of RBI, but also credibility of India overseas".