The Reserve Bank of India admitted that it has no data on the demonetised Rs 500 and Rs 1,000 notes used to pay utility bills and for fuel at petrol pumps. These transactions have formed a good part of the demonetised currency that returned to the banking system.
The Modi-led BJP government demonetised Rs 500 and Rs 1000 notes on November 8, 2016, in a shocking decision. The government allowed the exchange of junked notes as well as they being used for payment of utility bills for 23 services.
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