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83% Old Currency Notes Already Remonetized, Says RBI’s BP Kanungo
June 15, 2017
Brushing aside the concerns regarding remonetisation, BP Kanungo, Deputy Governor of the Reserve Bank of India, said that 82.6% of the high-value currency that was withdrawn from circulation after note-ban has been already remonetized.
Kanungo said that looking at the data one can see that 82.6% of notes that were in circulation before November and December have been remonetized, which is a considerable figure. In terms of volume, it’s 108% as on that day i.e. November 8. Thus, there is no shortage of currency notes. He also added that RBI is working towards ensuring that areas where there is a shortage of cash, are provided with appropriate arrangements.
