Demonetisation impacts RBI’s seigniorage, says SBI Research

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Demonetisation impacts RBI’s seigniorage, says SBI Research

Published : Sep 2, 2017, 5:30 pm IST
Updated : Sep 2, 2017, 5:30 pm IST

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New Delhi: Demonetisation has caused net loss to RBI’s seigniorage — the profit accruing from currency issuances and liquidity operations — besides increasing the cost of printing notes, says an SBI Research report. On November 8 last year, the government had banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny. “The demonetisation exercise has resulted in net loss of seigniorage to the RBI,” SBI’s research report Ecowrap said. “In the current case, there is a seigniorage loss, as the face value of Rs 15.28 trillion of Rs 17.1 trillion has been printed,” it said. PTI

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