(1) As soon as the Annual Report of the Reserve Bank of India for 2016-17 came out, many had quickly cottoned on to the fact in Chapter 11 of the report:
Subject to future corrections based on verification process when completed, the estimated value of SBNs received as on June 30, 2017 is ₹15.28 trillion. [Chapter XI (6.2) (ii)]
This constituted 98.3% of the cancelled currency notes of denomination of Rupees 500 and Rupees 1000. Just to recall the math:
Currency in circulation as of Nov. 4, 2016: Rupees 17974.6 billion (Link)
Share of High Denomination Notes is 86.4%. This is based on the RBI statement in the Annual Report for the year ending June 2016:
In value terms, ₹500 and ₹1,000 banknotes together accounted for 86.4 per cent of the total value of banknotes in circulation;
That means estimated value of Rupees 500 and Rupees 1000 denomination notes was 15.53 trillion Rupees.
Now, 15.28 divided by 15.53 is 98.4%.
(2) This was also important for the media:
After adjusting the expenditure, transfer to ADF and CF and contribution of ₹0.04 billion to the statutory funds, the surplus transferable to the Government of India for the year 2016-17 amounted to ₹306.59 billion, (including ₹9.93 billion as against ₹10.35 billion in the previous year payable towards the difference in interest expenditure borne by the Government consequent on conversion of special securities into marketable securities). [Chapter XI (6.1) (v) (h)]
Just to refresh our memories, the Government of India had budgeted for Rupees 761.72 billion rupees as dividend from the Reserve Bank of India, nationalised banks, etc. [Link]
(3) There were some interesting things left out from media coverage of the Annual Report:
More Fake Indian Currency Notes (FICN) were detected in 2016-17 than in previous years – 762,000 pieces compared to 633,000 pieces in 2015-16 and 594,000 pieces in 2014-15 [Table VIII (8) – Link]
Further, the number of suspicious transactions reported by Banks, other financial institutions and intermediaries jumped more than four-fold from 106,000 in 2015-16 to 473,000 in 2016-17 (All figures rounded off to the nearest thousand). Surely, some of these would help tax authorities to trace unaccounted money. [Table VIII (9) – Link]
(4) Household financial savings has risen to its highest level in six years:
Source: Table II (1), Chapter II, ‘Economic Overview’, Reserve Bank of India Annual Report, 2016-17
(5) Stalled Infrastructure Projects have come down both numerically and in value terms:
Source: Chart II (5), Chapter II, ‘Economic Overview’, Reserve Bank of India Annual Report, 2016-17.
Of course, MINT newspaper that continues to track overalled stalled projects reports that they are at an all-time high. See here.