RBI has issued 19 billion notes since demonetisation: Urjit Patel

These are the first official numbers given by RBI regarding issue of new currency

By: Express Web Desk | New Delhi | Updated: December 7, 2016 10:56 pm
urjit patel, RBI, total currency, total currency notes, total new currency notes, repo rate, reverse repo rate, interest rates, inflation RBI Governor Urjit Patel. Express Photo

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.

WATCH | Reserve Bank Of India Keeps Repo Rate Unchanged Post Demonetisation

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.

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  1. A
    Ashoke
    Dec 7, 2016 at 5:48 pm
    When there is smoke, fire must be there. Promulgating new rules everyday, to handle issues related to demonetisation are either that smoke or fire itself. A Himalayan scam is going to be unearthed soon.
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    1. S
      Sreenivasan
      Dec 7, 2016 at 10:48 am
      How does a person like this qualify to be called as a human being ? His take is "Inconvenience was the only cost of demonetization". Whose inconvenience ? Yours or of the Prime Minister ? Who will then answer for the loss of jobs, loss of wages, loss on additional expenses in travelling to bank several times due to non-availability of cash in bank? Only inconvenience, you stupid man ?
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      1. S
        Sreenivasan
        Dec 7, 2016 at 10:53 am
        It speaks volumes on our competence and the government's commitment to ensure the safety of our country. They were getting late for the UP elections and so they had to overlook all other check points.
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        1. K
          Kumar Saurabh
          Dec 7, 2016 at 10:59 am
          19 Billion = 1900 cr notes. If we consider all Rs500 notes. This will make Rs 9.5 lakh cr.lt;br/gt;lt;br/gt;If it's in denomination of 500 and 2000 this will make Rs23 lakh cr....lt;br/gt;lt;br/gt;Something fishy with 19 Billion notes...
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            anandk
            Dec 7, 2016 at 11:29 am
            19 Billion notes ? what is the use of replacing 1000 with billions of Rs.2000 denomination . In another news publication it was reported that over 3.5 Billion 2000 rupee notes have been printed.lt;br/gt;lt;br/gt;How will replacing 1000 with 2000 prevent black money ? it has also been revealed that the new notes do not have any added security features. So this will not even prevent counterfeit currency in the future.lt;br/gt;lt;br/gt;The actions of the Govt run counter to it's stated objectives.
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