New Delhi, Delhi, India
Dec 15, 2016, 12.21 PM
The Reserve Bank of India has infused more than Rs 5 trillion ($73.66 billion) of currency notes into the banking system since November 8, Economic Affairs Secretary Shaktikanta Das told reporters on Thursday.
This is a fraction of the Rs 15.44 trillion in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them last month, in a surprise move targeting counterfeiters and people holding undeclared wealth.
So far, Indian banks have taken back 12.44 trillion rupees ($184.24 billion) of high-value banknotes.
Speaking at a press conference, Das said the government was earlier trying to print more of Rs 2,000 currency notes but now were focusing on printing more Rs 500 notes.
He also said the new notes allowed less chances of counterfeiting.