▁ 4 3 9 . 7 ▁million ▁in ▁ 2 0 1 6 – 1 7 ▁to ▁ 4 2 6 . 1 ▁million ▁in ▁ 2 0 1 7 – 1 8 . ▁C M IE ▁attributed ▁the ▁impact ▁to ▁demon et isation ▁as ▁well ▁as ▁implementation ▁of ▁Good s ▁and ▁Services ▁Tax ▁in ▁July ▁ 2 0 1 7 . ▁ ▁Cost ▁to ▁banks ▁Before ▁demon et isation , ▁the ▁R BI ▁had ▁spent ▁ ▁to ▁print ▁bank notes ▁in ▁ 2 0 1 5 – 2 0 1 6 ▁( J uly ▁to ▁June ). ▁The ▁cost ▁of ▁printing ▁new ▁bank notes ▁es cal ated ▁to ▁ ▁in ▁ 2 0 1 6 – 1 7 ▁and ▁ ▁in ▁ 2 0 1 7 – 1 8 . ▁This ▁resulted ▁in ▁a ▁decl ine ▁in ▁the ▁divid end ▁paid ▁to ▁the ▁government ▁from ▁ ▁in ▁ 2 0 1 5 – 1 6 ▁to ▁ ▁in ▁ 2 0 1 6 – 1 7 ▁and ▁ ▁in ▁ 2 0 1 7 – 1 8 . ▁It ▁was ▁estimated ▁that ▁this ▁decrease ▁in ▁income ▁for ▁the ▁government ▁could ▁cause ▁the ▁fis cal ▁def ic it ▁for ▁the ▁financial ▁year ▁ 2 0 1 6 – 1 7 ▁to ▁increase ▁from ▁the ▁target ed ▁ 3 . 2 % ▁to ▁ 3 . 4 %. ▁The ▁Indian ▁Air ▁Force ▁was ▁paid ▁ ▁to ▁move ▁bank notes ▁after ▁demon et isation . ▁ ▁The ▁banks ▁in cur red ▁the ▁cost ▁in ▁collection