RBI pumps in new notes worth IRs9.2t

- Reuters, Mumbai

Jan 20, 2017-

The Reserve Bank of India (RBI) has injected IRs9.2 trillion ($135.21 billion) worth of new currency notes into the banking system to help replace the notes banned in November, a parliamentary source quoted central bank governor Urjit Patel as saying on Wednesday. Patel met a parliamentary panel on finance on Wednesday to answer questions about the country’s recent move to abolish 500 and 1,000 rupees notes, or 86 percent of the currency then in circulation, in a bid to unearth billions of dollars of unaccounted money. About IRs15.4 trillion worth 500 and 1,000 rupees notes were removed from circulation after the Nov 8 announcement from the government.

Published: 20-01-2017 09:58

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