On Nov 8, RBI had new notes worth little over 1/4th of banned currency

December 19, 2016 17:00

On the day Prime Minister Narendra Modi announced scrapping of Rs 1,000 and Rs 500 notes, the Reserve Bank of India had only Rs 4.94 lakh crore in 2,000 rupee notes, which was approximately one-fourth of over Rs 20 lakh crore it had in demonetised currency notes.

A response from the RBI to Mumbai-based activist Anil Galgalis Right to Information application says on November 8, it had Rs 9.13 lakh crore in 1,000 rupee notes while Rs 11.38 lakh crore in 500 rupee notes.

The RBI says it had 2,473 million pieces of 2,000 rupee notes on November 8 which had a value of over Rs 4.94 lakh crore. -- PTI

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