Remonetisation: Money in circulation 86% of pre-note ban period: Centre

demonetising Rs 500 and Rs 1,000 notes

The money in circulation at present has reached nearly 86 per cent of the amount that was in circulation in November 2016, the government informed Parliament on Friday.

“Remonetisation is taking place ceaselessly at a fast pace and the Reserve Bank of India has made arrangements for the supply of banknotes of various denominations in adequate quantity.

“Notes in circulation, as on July 21, is nearly 86 per cent of that on November 4 2016,” Minister of State for Finance Arjun Ram Meghwal said in a written reply in the Lok Sabha.

The Minister said the process of counting of old notes was still on and was being closely monitored to avoid errors.

“The old notes received are to be reconciled to obviate reporting errors and processed for numerical accuracy and authenticity through machines. The process is being accorded top priority and the progress is being closely monitored,” he said.