RBI says 99% of demonetised notes returned to banking system

All but 1% of Rs 1,000 and Rs 500 denomination banknotes (by value) invalidated on November 8 had been returned by the end of June, according to the Reserve Bank of India's annual report released on Wednesday. The disclosure put to rest one of the big mysteries surrounding the exercise, billed as one of the biggest-ever assaults on black money and, according to some analysts, helped the Bharatiya Janata Party win popular support and the crucial Uttar Pradesh polls earlier this year. The report said 98.96% of the Rs 1,000 and Rs 500 denomination banknotes that had been invalidated had been returned.