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Notes in circulation at 86% of pre-demonetisation level: Govt

LiveMint logoLiveMint 04-08-2017 PTI

New Delhi: Notes in circulation as on 21 July were nearly 86% of the pre-demonetisation level and Reserve Bank of India (RBI) has made arrangements for supply of adequate banknotes in various denominations, Parliament was informed on Friday.

In a written reply to Lok Sabha, minister of state for finance Arjun Ram Meghwal said specific banknotes received are to be reconciled to obviate reporting errors and processed for numerical accuracy and authenticity through machines.

“Remonetisation is taking place ceaselessly at a fast pace and RBI has made arrangements for supply of adequate quantity of banknotes in various denominations. Notes in Circulation (NIC) as on 21 July 2017 are nearly 86% of NIC as on 4 November 2016,” Meghwal said.

Prime Minister Narendra Modi on 8 November had announced ban on Rs1,000 and Rs500 notes in a major assault on black money, fake currency and corruption. New Rs2,000 and Rs500 notes were then brought into circulation.

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