TIL Desk/Business/New Delhi/ The Reserve Bank has said nearly 83 per cent of the currency has been remonetised so far and denied there was any shortage of cash in the system.
“According to our latest data, 82.67 per cent of the currency has been remonetised and in volume terms, it is 108 per cent,” RBI deputy governor B P Kanungo told.
The government had demonetised old INR 500 and INR 1,000 notes on November 9, junking nearly 87 per cent of the currency in circulation.
In a reply to questions in Lok Sabha, Minister of State for Finance Arjun Ram Meghwal on December 2, 2016, had said the day on which demonetisation was announced (November 8), there were 17,165 million pieces of INR 500 notes and 6,858 million pieces of INR 1,000 notes in circulation.
The data on the amount of demonetised notes returned back however continues to be elusive. Kanungo further said it would be wrong to assume that there is any shortage of currency in the system.
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