Reserve Bank of India Governor Urjit Patel Wednesday revealed that 19 billion new currency notes have been issued since demonetisation. This was the first official announcement made by the RBI on the number of notes it has issued since November 10.
RBI also said the total value of notes that had been deposited in banks in the form of old currency was Rs 11.55 lakh crore. Governor Patel added that the RBI has recalibrated production in the last two weeks to print more Rs 500 and Rs 100 notes.
He said that inconvenience was the only cost of demonetisation and that its benefits were better security of notes, transparency, tax compliance and thrust on digitisation. He also added that it was not clear when the restrictions on withdrawal limit would be removed.
Apart from this, he also talked about inflation and said that the 7th Pay Commission did not disrupt the inflation outlook. On Wednesday, the RBI announced that it has decided to keep repo rate and reverse repo rate unchanged.