Rs 12.44 lakh crore of demonetised notes back in the system: RBI


Reserve Bank of India on Tuesday confirmed that banks across India had so far received Rs. 12.44 lakh crore of demonetised notes, reported news agency Reuters.

Speaking to reporters in Mumbai, the RBI deputy governor, R Gandhi, said that the amount collected was received between 10 November and 10 December.

“The old notes of Rs 500 and Rs 1,000, which have been returned to the Reserve Bank and the currency chest, amounted to Rs 12.44 trillion as of December 10,” Gandhi told reporters.

The money that various banks have issued through their counters and ATMs since November 10 and up to December 10 stood at Rs 4.61 trillion, he added.

In volume terms the number stood at 21.8 billion pieces of notes of various denominations, of which 20.1 billion pieces were of Rs 10, Rs 20, Rs 50 and Rs 100. The number of higher denomination of new Rs 500 and Rs 2,000 notes stood at 1.7 billion, he said.

Hence, while the notes surrendered have risen by almost Rs 1 trillion, cash disbursal has risen only a little since December 7, when RBI had said that banks had issued Rs 4.27 trillion of new notes post demonetisation through ATMs and bank counters, the banned notes collected stood at Rs 11.55 trillion.

“The entire system is continuously gearing up for supporting the circulation of notes in the hands of the public. Daily, we are issuing more and more notes, getting it printed and issuing it and this will be a continuous affair.

The public are requested to freely use the notes that they have in their hands rather than hoard it,” Gandhi was quoted by PTI.

This comes just a week after the RBI Governor, Urjit Patel, had confirmed that almost Rs 11.55 lakh crore of old notes were back in the system.

This admission had come just days after the junior finance minister in Parliament had informed that almost all demonetised currency will be back in banks, causing setback to Prime Minister Narendra Modi’s much-touted claims to curb black money to justify his decision to ban notes.