TIL Desk/Business/Mumbai-The exercise of remonetisation that began after the scrapping of the old Rs 500 and 1,000 notes on November 8, 2016, was “nearly complete” as practically there are no restrictions on withdrawals, said Economic Affairs Secretary Shaktikanta Das. “All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time,” he told.
He further said currency supply and management are the Reserve Bank of India’s responsibility and the central bank will take a call in the near future on lifting the only remaining restriction, which is weekly withdrawal of Rs 24,000 from a savings bank account.
“Only a few withdraw Rs 1 lakh a month. Therefore, effectively and practically today, there is no restriction. I think the process of remonetisation is near-complete. I am using the word near-complete because this Rs 24,000 limit is there,” he said. The emphasis will be on providing lower denomination notes. Das said the remonetisation process has reached near completion in less than 90 days of announcement of the demonetisation by the Prime Minister on November 8.
