Remonetisation: Rs 6.7 lakh crore pumped into system from November 10 to January 13

This addition of Rs 6.78 lakh crore is less than Rs 9.2 lakh crore of new currency, which was earlier reported to have been injected during November 10 and January 13.

By: ENS Economic Bureau | New Delhi | Published:February 8, 2017 2:59 am
Remonetisation, demonetisation, note ban, new money, new currency, banking system, banking, arjun ram meghwal, indian express news, india news, business news The figure of Rs 9.2 lakh crore was based on the RBI Governor Urjit Patel reportedly briefing the Standing Committee on Finance panel members.

A total of Rs 6.78 lakh crore of currency was injected into the banking system between November 10 and January 13, taking the total currency in circulation to Rs 9.1 lakh crore. During the period, the addition to currency in circulation amounts to 43.91 per cent of the total of Rs 15.44 lakh crore worth of old Rs 500 and Rs 1000 notes that were withdrawn from the banking system.

“Remonetisation is taking place ceaselessly at a fast pace. Between November 10, 2016 and January 13, 2017, the notes in circulation have increased by Rs 6.78 lakh crore, thereby taking the total notes in circulation to Rs 9.1 lakh crore,” Minister of State for Finance Arjun Ram Meghwal said in a written reply in Rajya Sabha on Tuesday.

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“Supplies are even being effected by air with direct dispatches to some centres to cut down on delivery time,” Meghwal said, in response to a query on the estimated time period for replacing old notes with new currency.

This addition of Rs 6.78 lakh crore is less than Rs 9.2 lakh crore of new currency, which was earlier reported to have been injected during November 10 and January 13. The figure of Rs 9.2 lakh crore was based on the RBI Governor Urjit Patel reportedly briefing the Standing Committee on Finance panel members.

In a separate reply, when asked how much old Rs 500 and Rs 1,000 notes (SBNs) were deposited/exchanged upon being withdrawn, Meghwal said specified bank notes (SBNs) worth Rs 12.44 lakh crore were returned to currency chests of RBI by December 10, 2016.

“Reports have been submitted by banks to RBI regarding the amount deposited as on December 30, 2016. The data would need to be reconciled with the physical cash balances to eliminate counterfeit notes, accounting errors/possible double counts, etc, after which only the final figure will be arrived.”

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