Demonetisation: So far, Indian govt has infused 33% of new notes in banks

The Reserve Bank ofIndiahas infused more than Rs 5 trillion ($73.66 billion) of currencynotesinto the banking system since November8, Economic Affairs Secretary Shaktikanta Das told reporters on Thursday.

This is a fraction of the Rs 15.44 trillion in 500- and 1,000-rupeenotesthat 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.

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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.

(WION with inputs from Reuters)