India’s shock demonetisation imposed a heavy cost on the economy, but the Reserve Bank of India admits in its latest annual report that almost all banknotes were handed in to banks.

The policy saw 500 and 1,000 rupees cancelled overnight, with the idea that illicit cash holdings would be trapped and become worthless, while legitimate cash could be handed in to banks. But the RBI’s figures show 99.3% of notes were turned over, implying very little “black money” was captured.

A total of 15,417