RBI stated to a parliamentary panel that it had "no information" on the amount of black money removed because of demonetization. There was also no information about the unaccounted money that was legitimized by exchanging old currency. It said that Rs. 15.28 lakh crore in junked notes that came back would be "subject to future corrections based on verification process".

08 Nov 2016 Demonetization: Government's method to weed out black money

On 8 November, the government outlawed old Rs. 500 and Rs. 1,000 currency to weed out black money. The old notes were permitted to be kept in banks, and unusual deposits came under income tax investigation. The government replaced the old Rs. 500 notes, however, no replacement was introduced for Rs. 1,000 notes. Post the note ban, a new Rs. 2,000 note was introduced.

Quote Modi says Rs. 3 lakh crore back post demonetization

In his Independence Day speech, Modi said "Rs. 1.25 lakh crore of black money has been detected. He added that Rs. 3 lakh crore has come into the banking system after demonetization".

28 Aug 2017 99% demonetized Rs. 1,000 notes returned to RBI Credits:

The RBI website announced that roughly 99% of the demonetized Rs. 1000 currency notes had returned into the banking system. By late March 2017, RBI had said Rs. 8,925 crore in Rs. 1,000 notes were in 'circulation'. These were the currency "held outside Reserve Bank" by the public, banks treasuries etc. This suggests that only 1.3% of the notes were not returned after 8 November.

30 Aug 2017 Opposition grills government, asks "Where's the black money?'

The CPI(M) and Congress were up in arms against Prime Minister Narendra Modi after RBI revealed that "Rs. 15.28 lakh crore or 99 per cent of the Rs. 15.44 lakh crore scrapped currency notes" had returned into the system post demonetization. CPI (M) General Secretary Yechury called demonetization an "anti-national act", asking "all this for what". Opposition said this clearly indicated that demonetization failed.

05 Sep 2017 RBI clueless about how much black money demonetization removed

RBI stated to a parliamentary panel that it had "no information" on the amount of black money removed because of demonetization. There was also no information about the unaccounted money that was legitimized by exchanging old currency. It said that Rs. 15.28 lakh crore in junked notes that came back would be "subject to future corrections based on verification process".

Details RBI says don't blame demonetization, growth was already slacking