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LATEST NEWS UPDATES | Six months after demonetisation: Currency in circulation may not match pre-8/11 levels -Sandeep Singh

Six months after demonetisation: Currency in circulation may not match pre-8/11 levels -Sandeep Singh

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published Published on May 9, 2017   modified Modified on May 9, 2017
-The Indian Express

Given the slow pace of currency printing and indications from govt sources, it is unlikely that there will be full replacement of banned notes

As currency in circulation is about 20 per cent lower than the levels at the beginning of November 2016, the sharp decline in the pace of remonetisation over the past few weeks and indications from government officials suggest that the government and the Reserve Bank of India (RBI) may not go for full replacement of the currency that was in circulation during the pre-demonetisation period.

According to data from the RBI, while the net addition of currency into the system in the week ended January 13 stood at Rs 52,787 crore that in the week ended April 28 slipped to Rs 14,561 crore.

The government announced the withdrawal of old Rs 1,000 and Rs 500 notes (aggregating to Rs 15.5 lakh crore) from circulation on November 8, 2016.

While the currency in circulation was Rs 17,74,200 crore as on November 4, 2016, it dropped to Rs 8,73,416 crore as on January 6, as individuals across the country rushed the banks to deposit the demonetised currency in their possession. As the RBI has been in the process of printing Rs 2,000 notes and new Rs 500 notes to replace the demonetised notes, the total currency in circulation rose to Rs 14,06,968 crore as on April 28.

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The Indian Express, 9 May, 2017, http://indianexpress.com/article/business/banking-and-finance/six-months-after-demonetisation-currency-in-circulation-may-not-match-pre-811-levels-4646849/


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