RBI remonetised Rs 9.2 lakh crore of new notes till now says, Urjit Patel

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RBI

The Reserve Bank of India (RBI) has remonetised approximately 9.2 lakh crore new currency notes in order to replace old currency notes till date says, central bank Governor Urjit Patel.

Parliament’s Standing Committee held a meeting on Finance with central bank Governor Urjit Patel over demonetisation and its aftermath, on Wednesday.

The committee was headed by Congress leader Veerappa Moily and Former Prime Minister Manmohan Singh was also there.

In the meeting when asked about how many of the old currency notes had been deposited back in the banks, Mr. Patel failed to provide any figure on that, by saying calculation is still ongoing.

Mr. Patel revealed that about Rs 15.4 lakh crore was withdrawn when the government announced demonetisation on November 8, 2016.

Economic Affairs secretary, Shaktikanta Das and Urjit Patel said the center had been discussing over with Reserve bank of India since January 2016.

Mr. Patel did not provide much clarity on the normalcy of financial system and failed to answer several questions.

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